Market Overview for C98USDT (Coin98/Tether) - 2025-11-06

• Price drifted lower with 0.032 high to 0.0305 low; closed near 0.0308.
• High volume spikes occurred around 2025-11-05 20:45 and 2025-11-06 05:30 ET.
• Downtrend confirmed on 15-minute and daily frames.
• Volatility expanded during bearish breakouts.
• RSI suggests oversold conditions late in the session.

C98USDT opened at 0.032 on 2025-11-05 at 12:00 ET, reaching a high of 0.033 before closing at 0.0308 on 2025-11-06 at 12:00 ET. The pair traded between 0.0305 and 0.033, with a total volume of 10,110,156.8 and turnover of $312,234. The price trended lower for most of the session, consolidating near key support levels in the final hours.

On the 15-minute chart, C98USDT formed a bearish continuation pattern after the 0.0328 high. A sharp pullback followed, with several long lower shadows and bearish engulfing patterns confirming downward momentum. The 20-period moving average crossed below the 50-period, reinforcing a weak trend. Resistance appears to congregate around 0.0323–0.0327, while support is emerging near 0.0311 and 0.0305. Bollinger Bands expanded during the early breakout and have since contracted, suggesting a potential consolidation phase ahead.

Momentum indicators confirmed the bearish drift. The RSI dipped below 30 late in the session, signaling oversold conditions. However, a reversal may be delayed as the MACD histogram remained negative and declining for much of the day. Fibonacci retracement levels show that the 61.8% level (0.0307) was tested during the final hours of the session, which could act as a short-term support or pivot.

Volume spiked significantly on the 2025-11-05 20:45 and 2025-11-06 05:30 candles, coinciding with price declines. This suggests strong selling pressure at key psychological levels. Notional turnover also increased on the lower swings, providing some confirmation of bearish sentiment. However, price and turnover diverged during the last two hours of the session, suggesting a potential pause in the downtrend.

Backtest Hypothesis

Given the RSI's recent oversold reading, a potential backtesting strategy could focus on identifying long entry signals when the RSI falls below 30 and the price forms a bullish reversal pattern (e.g., hammer or inverted hammer). This would be confirmed by a close above the 20-period moving average or a break of the recent swing low. The C98USDT pair appears to be in a medium-term downtrend, so the strategy would benefit from including a trailing stop or a fixed stop below the 0.0305 level to mitigate risk. A target range could be set between 0.0313 (38.2% Fib retracement) and 0.0322 (61.8% Fib). This approach would require RSI data, which the initial query could not retrieve due to a mismatch in the ticker format. Once the correct symbol (e.g., BINANCE:C98USDT) is confirmed, the full RSI-based backtest can be completed.