Market Overview for Coin98/Tether (C98USDT) as of 2025-09-23

• • •
• Price declined from $0.0472 to $0.0468, closing near session lows with $46.8M volume and $23.8M turnover.
• A bearish engulfing pattern formed in the 15-minute timeframe at $0.047, with support at $0.0466–$0.0468 and resistance at $0.0472–$0.0474.
• RSI fell below 40, suggesting moderate bearish momentum, while Bollinger Bands show moderate contraction, signaling potential consolidation.
• Volume increased sharply during the recovery from $0.0464 to $0.0475, confirming some short-covering and buying pressure.

Opening Summary

Coin98/Tether (C98USDT) opened at $0.0472 at 12:00 ET–1, reached a high of $0.0475, and closed at $0.0470 at 12:00 ET. The price traded between $0.0454 and $0.0477 over the 24-hour period. Total volume was 168,131,363.9 C98, with notional turnover of approximately $23.8M in USDT.

Structure & Formations

Price action shows a key bearish shift after a strong bullish breakout attempt to $0.0475 in the early hours. A bearish engulfing pattern emerged after a bullish candle closed at $0.0473, followed by a larger bearish candle that engulfed it, closing near $0.0470. This suggests a shift in control from buyers to sellers.

Support is now forming at $0.0466–$0.0468, where multiple 15-minute candles closed. Resistance remains at $0.0472–$0.0474, and a break above that may signal renewed bullish momentum. A doji formed near $0.0470, suggesting indecision and potential consolidation.

Moving Averages

On the 15-minute chart, the 20-period MA was at $0.0469 and the 50-period MA at $0.0468, indicating price is consolidating around the 20 MA. On the daily chart, the 50- and 200-period MAs are at $0.0471 and $0.0467, respectively, suggesting a neutral to slightly bullish bias if price sustains above $0.0468.

MACD & RSI

The MACD crossed below the signal line, indicating bearish momentum. The RSI fell to 38, showing moderate bearish bias and potential for a short-term rebound. However, a move above $0.0473 and a RSI rebound above 50 would be needed to confirm a shift in sentiment.

The Bollinger Bands show moderate volatility, with price currently at the middle band at $0.0470, and the upper and lower bands at $0.0478 and $0.0462, respectively. The narrowing of the bands in the last 4 hours suggests a potential breakout or reversal.

Volume & Turnover

Volume spiked during the early morning recovery phase, peaking at $1.64M at $0.0464, and again during the move toward $0.0475. However, the most recent bearish move to $0.0468 saw lower volume, suggesting weaker conviction among bears. Turnover remains aligned with price, with no signs of divergence.

Fibonacci Retracements

Applying Fibonacci to the recent $0.0454–$0.0475 move, the 38.2% retrace level is at $0.0466, where the price found support. The 61.8% retrace level is at $0.0463, and a break below that could signal a deeper pullback.

Backtest Hypothesis

A potential backtesting strategy for C98USDT could focus on retracement-based entries after a bearish engulfing pattern, with a stop-loss below the 61.8% Fibonacci level. A long entry at $0.0468 could be tested with a target at $0.0473–$0.0475, and a stop at $0.0464, using 15-minute chart momentum and RSI levels to time entries. Historical volatility and volume patterns suggest such a setup could have a high probability of success during consolidation phases.