C98USDT Fails to Confirm Breakout as RSI Signals Downturn

Summary
• Price tested key resistance at $0.0305 and found support near $0.0286, consolidating mid-range for most of the session.
• Volume surged during the break above $0.0305 in early hours, but failed to confirm a strong breakout.
• RSI showed bearish divergence in late trading, suggesting possible near-term downside pressure.
• Bollinger Bands narrowed during the overnight range, hinting at a potential breakout in the next 24 hours.

Coin98/Tether (C98USDT) opened at $0.03 on 2026-02-06 12:00 ET, reaching a high of $0.0305 and a low of $0.0286 before closing at $0.0296 on 2026-02-07 12:00 ET. Total 24-hour volume was ~4,666,625.4 units, with notional turnover of ~$139,915.66.

Structure & Formations

Price carved a choppy range-bound pattern, with a bullish engulfing pattern forming briefly at $0.0293–$0.0296 before a bearish counter-move. Key resistance appeared at $0.0305, which held as a ceiling for most of the session. Support was tested twice near $0.0286, both times finding a floor.

Volatility and Bollinger Bands

Bollinger Bands contracted in the overnight hours as the pair traded in a narrow range between $0.0290 and $0.0296. This tightening of bands suggests potential for a breakout or reversal in the near term. Price spent most of the session in the mid-band area, indicating sideways consolidation.

Momentum and Oscillators

Relative Strength Index (RSI) showed bearish divergence in the final 2 hours of the session, with price making higher highs while RSI made lower ones. MACD turned negative late in the session, suggesting weakening bullish momentum and possible consolidation ahead.

Volume and Turnover

Volume spiked sharply during the break above $0.0305, indicating some buying pressure. However, this was not followed by a strong continuation, suggesting lack of conviction. Notional turnover also increased during this period, confirming the significance of the move.

Fibonacci Retracements

Fibonacci retracement levels on the 5-minute chart highlighted key levels at $0.0305 (61.8%), $0.0295 (50%), and $0.0286 (38.2%). Price stalled at the 61.8% level during a morning push and found temporary support at the 38.2% level in the early morning.

Looking ahead, a test of $0.0305 may trigger renewed interest, but a failure to hold above $0.0295 could bring short-term bearish pressure. Investors should also watch for a potential breakdown below $0.0286, as this would signal a shift in sentiment.