Market Overview for Coin98/Tether (C98USDT) – 2025-10-03

• Price surged from 0.0591 to 0.0695 amid volatile 15-minute swings, closing near 0.0631
• Strong bullish momentum flagged near 0.0655 high, but bearish correction followed
• Key support identified at 0.062–0.063 range, with resistance forming around 0.066–0.068
• Volatility expanded after 19:00 ET, followed by consolidation and lower turnover overnight
• MACD and RSI suggest overbought/oversold rotations; divergence suggests potential reversal

The 24-hour period for Coin98/Tether (C98USDT) saw the price open at 0.0591 and close at 0.0631 by 12:00 ET. The pair surged to a high of 0.0695 and bottomed at 0.0591 during volatile swings. Total volume was 60,578,653.40 and notional turnover was $3,723,681.50, with significant volume observed between 19:00–20:00 ET.

Structure & Formations

Price action over the past 24 hours displayed a sharp bullish breakout to 0.0695 following a bearish correction from the earlier high of 0.0682. A key resistance zone formed around 0.066–0.068, where price failed to sustain. A bearish engulfing pattern appeared at the 0.0682–0.0665 level, followed by a consolidation phase below 0.0655. Support levels at 0.062–0.063 were tested multiple times overnight, with price bouncing from this range but failing to retest prior highs. A doji formed at the 0.0636–0.0634 range, signaling indecision.

Moving Averages & Momentum Indicators

On the 15-minute chart, price closed below the 20-period and 50-period EMA at 0.0631, indicating weakening momentum. The MACD histogram turned negative overnight, confirming the bearish phase. RSI fluctuated between overbought (80–90) and oversold (30–35) levels, suggesting whipsaw conditions. The daily 50/100/200 EMA remained neutral, with price holding above the 200 SMA but under the 50 SMA.

Bollinger Bands & Fibonacci Retracements

Volatility expanded significantly between 19:00–20:15 ET, with price reaching the +2σ band at 0.0695 before retracting. The Bollinger Squeeze was evident just before the breakout. Fibonacci retracement levels based on the 0.062–0.0695 swing showed 61.8% at 0.0656, where price stalled before correcting. The 38.2% level at 0.0649 acted as a minor support, but failed to hold.

Volume & Turnover

Volume spiked during the 19:00–20:00 ET hour, with ~9.9 million volume recorded, followed by a sharp drop-off. Turnover reached its peak at $605,000 during that period. A negative volume divergence formed with price after 02:00 ET, as volume dropped while price remained in a tight range. This suggests weakening bullish conviction, particularly in the context of bearish consolidation.

Forward Outlook

Price appears poised to test the 0.062–0.063 support range again, with a potential rebound or breakdown expected. If it fails to retest 0.065–0.066, bearish momentum could dominate. Traders should watch for a break above 0.0665 to trigger a retest of 0.0682. Caution is advised due to high volatility and mixed momentum signals.

Backtest Hypothesis

Given the recent volatility and mixed momentum, a mean-reversion strategy could be considered: entering short positions on a close below the 20-period EMA with a stop above the +1σ Bollinger Band, and a target at the 0.062–0.063 support. A long entry may be triggered on a close above 0.0665, with a stop below the 0.0649 Fibonacci level. This strategy aligns with the MACD divergence and RSI overbought/oversold rotations, favoring a range-bound bias with potential breakout setups.