Coin98/Tether (C98USDT) Market Overview - 2025-11-04

Summary
• Price closed 1.6% lower near session lows, with bearish momentum emerging after midday.
• Volatility expanded post-noon as prices broke below key support at 0.0306.
• Turnover increased by ~35% during the late morning sell-off, confirming weakness.
• RSI and MACD diverged from price, hinting at potential for oversold conditions.
• Bollinger Bands widened, suggesting higher uncertainty in short-term price direction.

Coin98/Tether (C98USDT) opened at $0.0311 on 2025-11-03 12:00 ET and traded between $0.0298 and $0.0319 before closing at $0.0309 on 2025-11-04 12:00 ET. The total 24-hour volume was 43,196,029.0 C98, with a turnover of $1,291,719.60. The asset displayed a bearish bias late in the session, as selling pressure intensified.

Structure & Formations

Price action displayed several key resistance and support levels throughout the session. A critical support at 0.0306 was breached late morning after failing to retest the 0.0311–0.0313 range. A bearish engulfing pattern emerged during the 15:45–16:00 ET window, confirming the downward bias. A doji at 0.0306–0.0307 in the early afternoon signaled indecision and potential consolidation.

Moving Averages

On the 15-minute chart, price spent most of the session below the 20-period SMA, dipping further below the 50-period line in the late morning. This confirmed a short-term bearish trend. The 50-period daily SMA sat at ~0.0313, suggesting that further declines could see C98USDT test the 50-day average for bearish confirmation.

MACD & RSI

The MACD turned negative by 15:00 ET and remained below the zero line by session’s end, suggesting momentum favored the bears. RSI dropped below 40 mid-day and approached oversold territory by 16:30 ET, potentially setting up for a near-term bounce. Divergence between RSI and price during the 14:00–15:00 ET window suggested the bearish move could be exhausted.

Bollinger Bands

Bollinger Bands expanded after 12:00 ET, with price trading below the lower band from 13:15 to 15:45 ET. This signaled heightened volatility and bearish pressure. The retest of the lower band in the afternoon failed, confirming the bearish bias. A contraction was noted around 06:00–08:00 ET, suggesting a potential false break before the sell-off resumed.

Volume & Turnover

Volume spiked during the morning sell-off, peaking at 1.8 million C98 during the 14:45–15:00 ET window. Notional turnover followed the same pattern, with the largest turnover of $46,668.02 occurring during that period. Price and turnover aligned during the morning, providing confirmation of bearish strength. A divergence appeared in the afternoon, with volume failing to support a price rebound after the 15:45 ET low.

Fibonacci Retracements

The 0.0311–0.0309 pullback in the morning tested the 38.2% Fibonacci level. A deeper retest of the 0.0306–0.0307 range marked a 61.8% retracement of the prior up-leg, signaling bearish exhaustion and potential support. The 15-minute chart showed a key 61.8% retracement at 0.0303–0.0304, where price found a temporary floor before resuming the decline.

Backtest Hypothesis

Given the current divergence in RSI and the bearish momentum indicated by MACD, a potential backtest strategy could involve short positions initiated on a break below the 0.0306 support level, with a stop just above the 0.0311–0.0312 cluster and a target near the 0.0303–0.0304 Fibonacci level. A trailing stop could be placed near the 0.0308–0.0309 pivot for risk management. This strategy leverages both price confirmation and momentum signals for increased reliability.