Market Overview for Coin98/Tether (C98USDT)

Summary
• Price declined from 0.0308 to 0.0314 over the 24-hour period amid moderate volatility.
• Notable bearish divergence in price and volume around 0.0321.
• RSI hovered near neutral territory, with no overbought/oversold signals.

Coin98/Tether (C98USDT) opened at 0.0308 on 2025-11-04 at 12:00 ET, reaching a high of 0.0322 and a low of 0.0284 before closing at 0.0314 at 12:00 ET the following day. Total volume for the 24-hour period was approximately 126,169,912.50, with a notional turnover of around $3,937,000 (using an average price of ~$0.0312). The pair exhibited moderate volatility, with a key support zone forming near 0.0305–0.0308 and resistance at 0.0315–0.0319.

Structure and formations suggest that traders should closely monitor the 0.0315 level as a potential turning point. A bearish engulfing pattern appeared around 0.0321–0.0310, while a series of smaller bullish hammers and dojis indicate indecision among traders. The price appears to be consolidating after a sharp upward move late on November 4 and a subsequent pullback early on November 5.

The 20-period and 50-period moving averages on the 15-minute chart were closely aligned, reflecting a lack of clear directional bias. MACD remained in a neutral range, with the histogram showing diminishing bearish momentum. RSI hovered near 50, indicating a market neither overbought nor oversold. Bollinger Bands displayed moderate contraction at midday before expanding again as price volatility increased, with the closing price just inside the upper band.

Volume spiked significantly during the late-night hours (EST), aligning with the price’s push to 0.0322. However, the subsequent pullback occurred on similar volume levels, suggesting weak conviction behind the upward move. Turnover increased during the morning and early afternoon, but a divergence between volume and price action was evident around 0.0321–0.0310.

Fibonacci retracement levels for the most recent 15-minute swing (from 0.0305 to 0.0322) suggest a potential support level at 0.0313 (38.2%) and 0.0310 (61.8%). On the daily chart, the 0.0315–0.0319 range appears to coincide with a prior 61.8% retracement level, hinting at psychological relevance.

Backtest Hypothesis
Given the presence of a bearish engulfing pattern and the divergence between price and volume during the upward move to 0.0322, a backtest could be designed to test a short strategy triggered by these signals. Specifically, a sell signal could be activated when a bearish engulfing pattern forms after a sharp price increase of more than 1.5% over a two-hour window, with a stop-loss placed above the recent high and a target at the next key support level. This hypothesis aligns with the observed price action and technical indicators discussed, offering a testable, data-driven approach to validate the pattern’s reliability in C98USDT.