Market Overview for Coin98/Tether (C98USDT) on 2025-10-05

• Coin98/Tether (C98USDT) traded in a 0.0603–0.0668 range, ending slightly lower near 0.0615.
• Price retreated from intraday highs amid bearish momentum and oversold RSI.
• Volatility expanded in the final 6 hours, with turnover surging on sharp intraday swings.
• A bullish engulfing pattern emerged near 0.0616, suggesting potential near-term support.
• 15-minute Bollinger Bands show a recent contraction, hinting at possible breakout conditions.

Opening Narrative

Coin98/Tether (C98USDT) opened at 0.0663 on 2025-10-04 at 16:00 ET and closed the 24-hour period at 0.0615 on 2025-10-05 at 12:00 ET. The pair traded as high as 0.0668 and as low as 0.0603 during the period. Total 24-hour volume reached approximately 95,699,860.9 units, while notional turnover summed to around 5,984,889.5 USDT.

Structure & Formations

Price formation on the 15-minute chart showed a bearish bias following a key resistance level at 0.0668, where a rejection candle formed with a long upper wick. A doji formed at 0.0637 in the early morning, suggesting indecision. Later, a bullish engulfing pattern emerged near 0.0616, signaling possible short-term support. Key resistance levels appear at 0.0649 and 0.0668, while critical supports are forming around 0.0614 and 0.0603.

Moving Averages

Short-term momentum, as observed on the 15-minute chart, indicated a bearish crossover of the 20-period and 50-period moving averages between 0.0640 and 0.0650. On the daily chart, the 50-day average remains above the 200-day line, suggesting a longer-term bullish trend. However, the 100-day average is beginning to converge with the 50-day line, indicating a potential trend consolidation phase.

MACD & RSI

The 15-minute RSI dipped into oversold territory below 30 for the final 12 hours of the day, indicating a possible rebound scenario. MACD lines crossed below the signal line during the late morning, reinforcing a bearish bias for the remainder of the session. However, the MACD histogram showed a slight divergence in the final two hours, suggesting weakening bearish momentum and a potential reversal. These mixed signals imply a cautious stance for near-term traders.

Bollinger Bands

Volatility expanded as price moved from the lower Bollinger Band at 0.0603 to nearly the upper band at 0.0668, indicating a broad range of movement. The most recent 15-minute candles showed price staying close to the lower band, suggesting a potential bounce off 0.0614–0.0616. A tightening of the bands was observed between 0.0630 and 0.0635, hinting at a consolidation phase before the next directional move.

Volume & Turnover

Volume was relatively consistent throughout the day but spiked in the final hours, particularly during the 0.0616–0.0628 retracement. A divergence between rising volume and falling price occurred between 0.0635 and 0.0628, suggesting increased selling pressure. Notional turnover mirrored volume closely, with the highest turnover occurring during the final 6 hours, confirming the bearish reversal.

Fibonacci Retracements

Fibonacci levels drawn from the 0.0603–0.0668 swing show that price found short-term support at the 61.8% level around 0.0614–0.0616, aligning with the bullish engulfing pattern. The 50% level at 0.0635 acted as a key area of consolidation. A test of the 38.2% level at 0.0649 may indicate whether buyers can regain control in the next 24 hours.

Backtest Hypothesis

Based on the observed bearish divergence in RSI and the bullish engulfing pattern near 0.0616, a backtest strategy could focus on a range-bound setup with short-term entries on pullbacks to the 0.0614–0.0616 area. A trailing stop-loss at 0.0603 could be paired with a target near 0.0625–0.0628, based on recent Fibonacci and candlestick strength. This approach would aim to capitalize on the consolidation phase and potential reversal while managing risk on the downside.