Coin98/Tether (C98USDT) Market Overview: 24-Hour Analysis and Outlook

• Price declined from 0.0624 to 0.0568 over 24 hours, forming bearish momentum.
• RSI and MACD signaled oversold conditions by late trading hours.
• Volatility expanded during midday before consolidating into a narrow range.
• High-volume divergence suggested bearish exhaustion near key support levels.
• Bollinger Bands tightened post-liquidation, hinting at potential breakout.

The Coin98/Tether (C98USDT) pair opened at 0.0614 on 2025-10-08 at 12:00 ET, reached a high of 0.0624, a low of 0.0545, and closed at 0.0568 at 12:00 ET on 2025-10-09. Over the 24-hour period, total trading volume amounted to approximately 48.4 million C98 tokens, with a notional turnover of ~$2,935,000. The price action displayed a clear bearish trend, with bearish engulfing patterns forming after a brief rally around 18:00 ET.

Structure & Formations

The 24-hour price movement revealed several bearish setups. A notable bearish engulfing pattern appeared at 0.0622, confirming a reversal from a short-term high. Around 03:00 ET, a deep doji formed at 0.0585, signaling indecision before a steep decline. Key support levels include 0.0570 and 0.0560, both of which were tested multiple times with limited bounce. Resistance remains in the 0.0582–0.0588 range, with prior attempts to re-test this level failing.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have both dipped below the price, reinforcing bearish momentum. The 50-period SMA is currently at ~0.0576, acting as a dynamic overhead resistance. On the daily chart, the 200-period moving average remains above the current price, suggesting a broader bearish bias. Price action remains below the 100- and 50-day averages, confirming the downtrend.

MACD & RSI

The MACD has remained bearish throughout the 24-hour period, with the line dipping into negative territory and crossing below the signal line. The histogram showed a gradual divergence in bearish strength, narrowing during the consolidation phase. RSI hit a 24-hour low of 22 near the close, suggesting the price may be entering oversold territory, but without a clear bullish reversal.

Bollinger Bands

Bollinger Bands showed a notable contraction during the overnight hours as the pair consolidated between 0.0570 and 0.0578. This period of low volatility ended with a sharp break below the lower band at 0.0561, confirming bearish momentum. The current price is now near the lower band, and a re-test of the 0.0560 level may trigger another bounce or continued decline.

Volume & Turnover

Volume surged during the midday sell-off, with a peak at 0.0622 on 18:00 ET, where ~2.2 million C98 tokens were traded. However, despite the large volume, the price failed to hold above 0.0615, suggesting bearish exhaustion. Turnover also spiked during the late-night and early morning hours, reflecting increased liquidation pressure. Price and turnover aligned during the major declines, but diverged slightly during the consolidation phase around 0.0580, raising questions about the strength of the sell-off.

Fibonacci Retracements

Applying Fibonacci levels to the 18:00–04:30 swing (0.0622–0.0554), the 61.8% retrace level is at ~0.0578. The price briefly tested this level but failed to hold. On the daily chart, the 38.2% and 61.8% levels of the broader downtrend since late 2024 are at ~0.0592 and ~0.0566 respectively, with current price action hovering just above 0.0566, suggesting potential support ahead.

Backtest Hypothesis

A potential backtest strategy could involve using RSI and MACD divergence in conjunction with Fibonacci retracements to identify short-term bounce opportunities. For example, if RSI hits oversold levels (below 25) and MACD shows a narrowing histogram after a sharp decline, while price approaches a key Fibonacci support, a long bias might be triggered with a stop below the recent swing low. This approach assumes a retracement setup in a broader downtrend, offering high-probability entries for traders aiming to capitalize on mean reversion within the bearish context.