Market Overview for Coin98/Tether (C98USDT) – 2025-11-11

• Price fluctuated between $0.0348 and $0.0374 over 24 hours
• Momentum weakened with RSI below 50
• Volatility contracted after a sharp midday dip
• Volume surged during the pullback
• Turnover confirmed the recent bearish shift

The 24-hour candle for Coin98/Tether (C98USDT) opened at $0.0359 on 2025-11-10 at 12:00 ET, reached a high of $0.0374, and a low of $0.0348 before closing at $0.036 at 12:00 ET on 2025-11-11. The total traded volume was 9,115,903.6 units, with a notional turnover of $321,752.33. Price action reflected a bearish sentiment in the afternoon, followed by a consolidation phase in the evening hours.

Structure & Formations

The price broke below a key support level around $0.0363 during the 18:15–19:45 ET window, triggering bearish momentum. A bearish engulfing pattern emerged at 18:15 ET, followed by a long-legged doji at 00:15 ET, signaling indecision and potential exhaustion. The pullback into $0.0352–$0.0353 marked a temporary oversold condition, though a strong rebound failed to close above $0.0359, suggesting short-term resistance is intact.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below key support levels during the bearish phase, confirming the downward shift. Daily moving averages (50, 100, 200) showed a flattening trend, indicating that the pair is in a consolidation phase after a recent decline. Price appears to be hovering around the 50-day MA, which could offer support or resistance depending on volume.

MACD & RSI

The MACD line crossed below the signal line around 18:15 ET, aligning with the bearish engulfing pattern. RSI dipped to 33 during the 22:30–03:15 ET window, indicating oversold conditions before rebounding to 49 at close, suggesting momentum has weakened. The MACD histogram showed negative divergence during the evening hours, implying the bearish move may be losing steam.

Bollinger Bands

Volatility expanded during the midday bearish shift, with price dropping near the lower Bollinger band by $0.0352. The bands then contracted during the late evening and overnight consolidation. Price closed near the middle band, indicating a potential sideways bias unless a breakout or breakdown occurs over the next 24 hours.

Volume & Turnover

Volume spiked to 743,301 units at 18:15 ET and again to 568,428 at 19:45 ET, confirming the bearish move. Turnover spiked during the 23:00–00:45 ET period, aligning with price lows. A volume divergence appeared at 04:45–06:45 ET, where price continued to fall despite declining volume, suggesting a potential reversal point.

Fibonacci Retracements

On the 15-minute chart, the 61.8% retracement level aligned with $0.0356–$0.0357 during the overnight consolidation, which was tested twice before price drifted lower. On the daily chart, the 38.2% Fibonacci level at $0.0359 acted as resistance during the morning consolidation, suggesting that a retest of the 61.8% level near $0.0355 could be imminent.

Backtest Hypothesis

Given the bearish signals and structural breakdown observed in the 24-hour period, a backtest using candlestick patterns such as the Bearish Engulfing and Morning/Evening Star could provide insights into potential trading performance. Using the outlined assumptions—entry at next-day open, exit at close—this pair may present a viable test case for evaluating the predictive power of reversal signals. A strategy focusing on these patterns over a 2022–2025 time frame could offer a unique perspective on how such setups perform in a low-volatility, range-bound context.