Coin98/Tether (C98USDT) Market Overview – 2025-09-21

• Price surged 27.3% in 7.5 hours, hitting 0.0598 before consolidating.
• Volume spiked 38x above daily average during rally, confirming bullish momentum.
• RSI overbought above 70 in early session, followed by bearish divergence.
• Bollinger Band contraction before breakout indicates strong directional move.
• Key support levels at 0.0553–0.0561; resistance at 0.0576–0.0586 currently tested.

24-Hour Opening and Closing Summary

At 12:00 ET–1 on 2025-09-20, Coin98/Tether (C98USDT) opened at 0.0514 and reached a high of 0.0598 before closing at 0.0553 as of 12:00 ET on 2025-09-21. The 24-hour volume was approximately 106.7 million coins, with a notional turnover of $5.98 million, reflecting increased participation and volatility.

Structure & Formations

The price structure reveals a sharp bullish impulse from 0.0517 to 0.0598 between 19:45 ET and 22:15 ET, forming a strong ascending trendline. A significant bearish reversal occurred around 22:15 ET, marked by a large bearish candle and a potential bearish engulfing pattern. Key support levels appear at 0.0553 (psychological round number) and 0.0561 (previous consolidation zone), while resistance is at 0.0576–0.0586.

Moving Averages

On the 15-minute chart, the 20-period SMA moved from 0.0515 to 0.0557, while the 50-period SMA lagged slightly behind, confirming the bullish trend. On the daily chart, the 50-period and 200-period SMAs crossed in favor of bulls, suggesting a short-to-medium-term uptrend. However, the 100-period SMA at 0.0555 acts as a near-term reentry point for bears.

Backtest Hypothesis

A potential strategy could be to enter long positions at 0.0515 with a stop loss at 0.0505 and a target at 0.0545, leveraging the 20/50 SMA crossover. Given the strong bullish divergence and the consolidation at 0.0553–0.0561, a mean-reversion strategy targeting 0.0545–0.0535 could also be viable, using RSI overbought levels as a trigger for exits. This aligns with the observed pattern of a false breakout above 0.0581 followed by a pullback.

MACD & RSI

The MACD crossed above the zero line early in the rally, confirming the bullish momentum. It then formed a bearish crossover in the 22:15–22:30 ET period, signaling a possible near-term top. RSI reached 82 during the peak and retreated to 62, indicating overbought conditions and potential bearish correction. A bearish divergence between price and RSI suggests a high probability of further downward retracement.

Bollinger Bands

Volatility expanded significantly during the 22-hour rally, with the upper band reaching 0.0598 and the lower band at 0.0534. The price closed near the lower band on 2025-09-21, suggesting oversold conditions and potential for a bounce. A key watch area is whether price can hold above the 20-period SMA at 0.0557 or if it breaks down toward the 0.0545–0.0535 zone.

Volume & Turnover

Volume surged to over 9 million coins during the 22:15–22:30 ET period, coinciding with the bearish reversal. This suggests strong selling pressure after the rally. Turnover also spiked during this window, confirming the bearish sentiment. Divergence between price and volume was observed after 00:00 ET on 2025-09-21, indicating weakening bullish momentum.

Fibonacci Retracements

Applying Fibonacci to the 0.0515–0.0598 swing, the 61.8% level is at 0.0563, currently under test. If bulls hold this level, the next target is the 78.6% at 0.0577. A breakdown below the 50% level at 0.0556 would suggest a test of the 38.2% at 0.0545. These levels will be critical for near-term directional bias.

Outlook and Risk

While the current setup shows bearish exhaustion and potential reversal, bullish momentum may reassert itself if the 0.0556–0.0561 zone holds. Traders should monitor the 0.0553 support level for a potential bounce or breakdown. A failure to hold 0.0553 could lead to a test of 0.0545–0.0535. Volatility remains high, and sudden corrections are possible without warning.