Market Overview for Coin98/Tether (C98USDT) on 2025-10-23

• Price declined from 0.0372 to 0.0370, with key support at 0.0367–0.0369
• Volume surged during the sharp drop but has since stabilized
• RSI suggests oversold conditions at intraday lows
• Volatility increased during the session, reflected in wide Bollinger Band expansion
• Recent bullish reversal patterns may indicate potential consolidation

At 12:00 ET on 2025-10-23, Coin98/Tether (C98USDT) opened at 0.0370, reached a high of 0.0372, and a low of 0.0364, before closing at 0.0370. The 24-hour trading session saw a total volume of 11,919,216.3 units and a notional turnover of approximately $440,911.36 (based on average price). The price action has been characterized by a slow, bearish drift followed by consolidation.

Structure & Formations

The 15-minute chart shows a bearish trend with key support clustering between 0.0367 and 0.0369. This area appears to have formed a double bottom in the late ET hours, which could signal a potential bounce. A bearish engulfing pattern emerged during the drop from 0.0372 to 0.0364, and a doji formed near the 0.0361 low, indicating indecision. Resistance now sits at 0.0371–0.0372, where the pair has previously stalled multiple times.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs have both trended lower, reinforcing the bearish bias. Price has spent most of the session below both, but the 20-period SMA is beginning to converge with the 50-period as the session progresses. On the daily timeframe, the 50-period SMA is trending slightly higher, while the 100-period and 200-period SMAs remain neutral. This suggests the pair may consolidate before a new directional move.

MACD & RSI

The MACD line has turned negative, with a bearish crossover occurring in the late ET hours. The RSI has dipped into oversold territory (30–35) during the late-night to early morning session, but has yet to show a clear reversal above 40. This could hint at a potential bounce, but without a convincing RSI divergence or a strong close above 0.0371, a continued consolidation phase is likely.

Bollinger Bands

Bollinger Bands have expanded significantly during the session’s low point, reflecting heightened volatility. The price has remained near the lower band for several periods, suggesting a bearish continuation. However, the narrowing of the bands in the later part of the session implies a potential shift in volatility. If the price closes above the 0.0371 level, it may find a short-term equilibrium within the bands.

Volume & Turnover

Volume spiked during the sharp decline from 0.0372 to 0.0364, with a peak of 2,912,695.2 units in one candle. This was followed by a significant drop in volume as the price stabilized around 0.0368–0.0370. Notional turnover also peaked during the drop and has since decreased, suggesting reduced selling pressure. This divergence between price and volume could indicate a potential bottom forming.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from 0.0372 (high) to 0.0364 (low), the 38.2% retracement level sits at 0.0368, and the 61.8% level at 0.0369. Price has lingered near 0.0369 for several hours, indicating a possible area of accumulation or consolidation. On the daily chart, the 61.8% retracement from the recent high at 0.0375 to the low at 0.0365 lies at 0.0368, reinforcing the same level as a potential support.

Backtest Hypothesis

Given the observed RSI oversold conditions and bearish structure, a backtesting strategy could be built around a short-term reversal trade. For example, one could define a rule: "Enter long if RSI crosses above 30 on the 15-minute chart and price closes above the 20-period SMA, with a stop-loss set below the recent swing low." This would be complemented by an exit rule based on either RSI crossing above 70 or a strict 3-day time horizon. The current price behavior suggests the potential for such a strategy to capture a bounce off key support levels.