Market Overview for Coin98/Tether (C98USDT) on 2025-10-29

• Coin98/Tether (C98USDT) drifted in a tight range today with a 0.0371 open and 0.0373 close, amid moderate volume.
• Volatility dipped in the first half before a late recovery as the pair found recent support at 0.0365–0.0367.
• RSI approached oversold territory by early evening but failed to confirm a rebound, suggesting mixed momentum.
• Bollinger Bands constricted midday, then expanded as price moved closer to the upper band by the end of the session.
• Notable divergence between price and turnover emerged during the 19:30–20:30 ET sell-off, signaling potential liquidity exhaustion.

24-Hour Price and Volume Summary

At 12:00 ET–1, Coin98/Tether (C98USDT) opened at 0.0371 and closed at 0.0373 by 12:00 ET, with a high of 0.0376 and a low of 0.0354. Total volume for the 24-hour period was 53,568,470.0, while notional turnover came in at approximately $1,994,444. Price action remained choppy and confined for much of the day before a late upward push near session close.

Structure & Key Levels

The 0.0365–0.0367 range acted as a critical support zone during the afternoon sell-off, preventing a deeper slide below 0.0361. A bullish engulfing pattern emerged at the end of the session, suggesting a potential short-covering rally. However, this came after a sharp bearish reversal on the 19:30 candle that broke below 0.0371 with a large volume spike. A doji formed at 0.0359 as well, indicating indecision during the low point.

Moving Averages and Trends

The 20-period and 50-period moving averages on the 15-minute chart remained relatively flat throughout the session, reflecting the lack of directional bias. Price hovered just above the 20SMA but dipped below the 50SMA during the afternoon pullback. On the daily chart, the 50DMA sits at 0.0376, above current price levels, suggesting a bearish near-term bias.

Momentum and Volatility Indicators

Relative Strength Index (RSI) fell below 30 in the 20:30–21:30 window but rebounded only marginally, failing to confirm a strong reversal. MACD lines remained in neutral territory with no clear divergence. Bollinger Bands narrowed midday before expanding as volatility increased. Price settled near the upper band at the end of the session, indicating a potential short-term bullish tilt, though this could be misleading without confirmation.

Volume and Turnover Insights

Volume surged between 19:30 and 20:30 ET as price fell to 0.0359, but turnover did not follow suit, indicating possible liquidity exhaustion or wash trading. A moderate increase in both volume and turnover occurred during the final 30 minutes as price rallied to close near 0.0373.

Fibonacci Retracement Levels

Key Fibonacci retracement levels from the recent 0.0354 to 0.0376 swing include 0.0364 (38.2%) and 0.0373 (61.8%). Price briefly tested the 61.8% level before closing just below it, suggesting a possible continuation of the upward correction. The 50% retracement at 0.0365 was a focal point of activity and provided a temporary floor.

Backtest Hypothesis

To refine the signal logic for a potential RSI-based trading strategy, a backtest using daily OHLCV data for Coin98/Tether could be conducted. The strategy would open long positions when RSI falls below 30 and close positions when RSI exceeds 70. This approach would need to be applied to a verifiable price series for C98USDT—ideally from an exchange like Binance or KuCoin, where the symbol is recognized (e.g., “BINANCE:C98USDT”). Once the correct symbol is confirmed, the backtest could be run from 2022-01-01 through the current date to evaluate its performance.