Coin98/Tether (C98USDT) Market Overview: Volatility and Key Support Tested

• Price moved in a narrow range from $0.0505 to $0.0512, with consolidation near the 12:00 ET close.
• RSI remained neutral, suggesting no strong overbought or oversold signals.
• Volatility expanded during the early morning hours, with volume surging to $17M during the $0.0519 high.
• A bullish breakout attempt failed near $0.0513–$0.0515, followed by a pullback into key support levels.
• Divergence between price and volume near the high suggests potential for further retests of support.

The Coin98/Tether (C98USDT) pair opened at $0.0508 on 2025-09-18 at 12:00 ET and reached a high of $0.0538 before settling at $0.0502 by 12:00 ET on 2025-09-19. Total trading volume over the 24-hour period reached ~149.9 million units, with a notional turnover of approximately $6.7 million, indicating moderate but dynamic activity.

Structure & Formations

The price tested key resistance levels between $0.0514 and $0.0516, with a failed breakout attempt evident in the 05:00–07:00 ET window. A bullish engulfing pattern formed at the 05:00 ET candle but was followed by a bearish reversal into the $0.0505–$0.0508 consolidation range. A potential support zone was confirmed near $0.0505–$0.0506, with a large bearish real body forming in the early afternoon. A doji at $0.0505 during the 14:45 ET candle suggests indecision and potential for a short-term rebound.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remained in a flat configuration, with price hovering just below the 50 MA. On the daily timeframe, the 50, 100, and 200 MA lines were closely grouped, with the price closing slightly below the 50 MA, suggesting a potential bearish bias in the short to medium term.

MACD & RSI

The MACD line crossed into positive territory during the early morning but diverged from the price action by midday, with the histogram showing a bearish divergence. The RSI hovered between 40 and 55, indicating a neutral to slightly bearish momentum environment. No overbought conditions were observed, but the RSI’s failure to rise during the bullish push suggests weakening buying pressure.

Bollinger Bands

Volatility expanded sharply during the 05:00–08:00 ET window, pushing the price well above the upper Bollinger Band. The bands then contracted during midday, with the price consolidating near the lower band by the late afternoon. This suggests a potential reversal into the upper range could be on the horizon if buyers re-enter.

Volume & Turnover

Volume surged to $17.9 million during the 05:00 ET candle as the price reached $0.0519, confirming the bullish breakout attempt. However, volume dropped significantly in the following hours as the price pulled back, indicating a lack of follow-through. The largest turnover occurred during the 05:00–08:00 ET window, with a total of $2.2 million in value traded. Price and turnover diverged after this period, with volume declining even as price remained in consolidation.

Fibonacci Retracements

A key 61.8% Fibonacci retracement level was formed at $0.0511–$0.0513 from the $0.0538 high to the $0.0505 low. The price stalled near this level and turned lower, suggesting a critical resistance zone. On the 15-minute chart, a retracement from the $0.0519 high to the $0.0511 low showed support forming near $0.0510–$0.0508.

Backtest Hypothesis

A potential backtesting strategy could involve a breakout-based approach using the upper and lower Bollinger Bands as entry triggers. A long position would be initiated when price closes above the upper band with a volume confirmation above average, while a short signal would trigger on a close below the lower band. This could be paired with a 1.5% stop-loss and a 3% take-profit target. Given the recent volatility and defined support/resistance levels, this strategy could be tested on the 15-minute and 1-hour timeframes for short-term trading opportunities.