Market Overview for Coin98/Tether (C98USDT) on 2025-10-06

• C98USDT formed a strong bullish reversal after a 15-minute dip to 0.0609, closing at 0.0644 near a key 15-minute high.
• High volume and rising turnover confirmed bullish momentum, especially after 10:00 ET with a 0.0656 high.
• RSI approached overbought levels late in the session, suggesting possible near-term profit-taking.
• Volatility expanded as price broke above prior resistance at 0.0635 and tested the Bollinger Band high.
• A bullish engulfing pattern formed at 0.0632–0.0639, signaling continued upward bias for C98USDT.

Opening Summary

Coin98/Tether (C98USDT) opened the 24-hour period at 0.0619 (12:00 ET - 1) and reached an intraday high of 0.0656 before closing at 0.0644 (12:00 ET). The pair traded within a range of 0.0609 to 0.0656 and closed at the upper end. Total volume for the 24-hour window stood at 56,697,549.9 with total turnover of 3,398,102.57 USDT.

Structure & Formations

Price action displayed a clear bearish pullback during the early ET hours, forming a consolidation range between 0.0612–0.0618. A key bullish engulfing pattern formed at 0.0632–0.0639 around 13:00 ET, signaling a potential short-term reversal. Later in the session, a sharp move to 0.0656 broke above prior resistance at 0.0635 and appeared to establish a new 15-minute high. Key support levels to monitor include 0.0630 and 0.0625, with resistance likely at 0.0650–0.0656.

Technical Indicators

The 20-period and 50-period moving averages on the 15-minute chart were crossed in a bullish manner late in the session, confirming upward momentum. The RSI reached overbought territory (above 70) by the final hours, suggesting some near-term profit-taking could occur. MACD showed a positive crossover with a strong bullish histogram, indicating continued upside potential. Bollinger Bands showed a noticeable expansion as volatility increased, with price closing near the upper band, reinforcing the bullish bias.

Volume & Turnover

Trading volume surged dramatically after 13:00 ET, particularly during the breakout to 0.0656, with a 15-minute volume spike of 8,714,685.7 and a turnover of 554,307.17 USDT. The rise in volume aligned with the price action, confirming the strength of the bullish move. No significant divergence between price and volume was observed, suggesting strong conviction in the uptrend.

Fibonacci Retracements

Applying Fibonacci retracement levels to the key 15-minute swing from 0.0609 to 0.0656, the price retested the 61.8% level at 0.0638 and continued upward. The 38.2% level at 0.0632 also acted as strong support. Daily Fibonacci levels from the recent consolidation phase (0.0609–0.0656) suggest the 61.8% level at 0.0643 may act as near-term support, with the 78.6% at 0.0650 representing a key near-term resistance.

Backtest Hypothesis

Based on the observed technical indicators, a potential backtest strategy could involve a long entry on a bullish engulfing pattern (e.g., at 0.0632–0.0639) confirmed by a breakout above 0.0635 and a positive MACD crossover. A stop-loss could be placed just below 0.0630, while a target could be set at the 61.8% Fibonacci extension of the 0.0609–0.0656 swing, near 0.0643–0.0650. Given the high volume and RSI reaching overbought levels, an exit might be triggered on a close below 0.0640 or a bearish divergence in volume and RSI.