Coin98/Tether (C98USDT) Market Overview

• Price for Coin98/Tether (C98USDT) rose 1.06% in 24 hours from 0.0376 to 0.0401.
• Volatility remained moderate, with a 24-hour high/low range of 0.0028 (7.2% of close).
• Volume spiked at 16:30–18:45 ET (UTC−5), followed by a consolidation phase overnight.
• MACD remained bullish in early trading, while RSI signaled overbought conditions by 08:45 ET.
• A bearish divergence in volume and price appeared late morning, hinting at potential reversal.

Market Summary

Coin98/Tether (C98USDT) opened at 0.0376 at 12:00 ET on 2025-10-12 and closed at 0.0401 at 12:00 ET on 2025-10-13. The 24-hour high reached 0.0417 and the low hit 0.0376. Trading volume totaled 166,648,627.7 units with a notional turnover of approximately 6,443,404.5 USD, reflecting strong participation during the early morning and midday ET sessions.

The price trended upward from the morning, with a brief retracement in the late afternoon before consolidating near 0.0400. Key resistance levels became apparent at 0.0405–0.0417, with support zones forming around 0.0395 and 0.0390. Notable candlestick patterns included an early bearish engulfing and several dojis in the afternoon, suggesting indecision among traders.

Structure & Formations

The price action for C98USDT reflected a strong bullish bias in the early hours, with a significant breakout above the 0.0400 threshold. The formation of a bearish engulfing pattern in the morning, however, suggested a potential pullback. Subsequent doji formations in the afternoon highlighted a tug-of-war between buyers and sellers.

A strong support level appeared at 0.0395, where the price found a floor after the midday retracement. Resistance levels were clearly marked around 0.0405 and 0.0417. These levels could serve as critical decision points for near-term price direction.

Moving Averages

Using 20 and 50-period moving averages on the 15-minute chart, the 20-period line remained above the 50-period line, reinforcing the bullish bias. The daily chart showed a similar structure, with the 50-period MA crossing above the 200-period MA in a “Golden Cross” formation, suggesting a longer-term upward trend may be consolidating.

The 200-period MA currently sits at approximately 0.0390, providing a psychological level of support. If the price retests this level, it could either bounce or break below it, depending on the strength of the volume and momentum indicators at that time.

MACD & RSI

The MACD remained in positive territory throughout most of the session, confirming the bullish momentum. A brief bearish crossover occurred in the late afternoon, but it failed to push the price below the 0.0400 level. RSI signaled overbought conditions above 70 from around 08:45 ET, indicating potential for a consolidation phase.

Despite the overbought levels, the RSI did not show signs of divergence from the price, suggesting the bullish momentum remains intact for the time being.

Bollinger Bands

Volatility increased during the morning breakout, causing the Bollinger Bands to widen. The price remained within the bands for most of the session, reaching the upper band at 0.0417 by 08:45 ET. This suggests that the move was a normal expansion within the context of the trend.

As the price consolidated near 0.0400, the bands began to contract slightly, indicating a potential period of low volatility or a continuation pattern. A break above the upper band could confirm a new trend phase.

Volume & Turnover

Trading volume was strongest during the morning and early afternoon hours, particularly between 16:30–18:45 ET, with a sharp spike in volume at 08:45 ET following the breakout to 0.0417. This volume spike confirmed the breakout and reinforced the bullish momentum.

Notional turnover followed a similar pattern, with a strong peak at 08:45 ET. However, late-morning volume diverged from price action, with volume declining despite a continued move higher. This divergence may hint at weakening momentum and could signal caution for near-term bullish positions.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from 0.0376 to 0.0417, the 0.618 level (~0.0402) aligned closely with the current consolidation near 0.0400–0.0402. The 0.382 level (~0.0397) also acted as a support point, where the price paused during its midday pullback.

For the daily chart, Fibonacci levels drawn from the prior bearish leg indicate potential support and resistance at 0.0395 and 0.0410, with the current price hovering near the 0.0400–0.0410 range. A break above 0.0410 could lead to further gains toward 0.0422.

Backtest Hypothesis

The presence of a bearish engulfing pattern in the morning, followed by a period of consolidation, suggests a potential reversal setup. The backtest strategy would involve shorting C98USDT immediately after the pattern completes and holding for one to three days, with a stop-loss and profit target based on Fibonacci levels and volatility indicators.

Given the strong morning volume and overbought RSI, the bearish engulfing appears to have a higher probability of confirming a short-term pullback. This setup could serve as a robust basis for backtesting, especially if combined with volume divergences and MACD bearish crossovers.