Market Overview: Coin98/Tether (C98USDT) on 2026-01-17

Summary
• Price traded in a 0.0237–0.0246 range, with 0.0245–0.0246 acting as a short-term resistance.
• A bullish engulfing pattern formed near 0.0244 during the overnight session.
• Volume surged above 400k at 20:15–20:45 ET, confirming a breakout attempt.
• RSI hovered near 50, indicating balanced momentum without overbought or oversold extremes.
• Bollinger Bands tightened midday before expanding during increased volatility.

Market Overview

Coin98/Tether (C98USDT) opened at 0.0238 on 2026-01-16 at 12:00 ET and reached a high of 0.0246 before closing at 0.0244 on 2026-01-17 at 12:00 ET. The pair traded between 0.0237 and 0.0246 over 24 hours, with a total volume of 3,381,682.1 units and notional turnover of $82,836.11.

Structure & Formations

Price action showed a tight trading range between 0.0237 and 0.0246, with 0.0245–0.0246 acting as a key resistance cluster. A bullish engulfing pattern formed during the 00:15–00:30 ET window near 0.0245, suggesting short-term buying pressure. A doji appeared at 0.0244 around 05:15 ET, signaling a potential consolidation phase.

Moving Averages

On the 5-minute chart, price briefly traded above the 20SMA and 50SMA during the late-night push to 0.0246. The 20SMA currently sits at ~0.0243, while the 50SMA is at ~0.0242, with price hovering near the 20SMA. Daily MAs are not available in the 5-minute data set, but recent daily trends appear to be consolidating around 0.0244.

Momentum & Volatility

MACD remained near the zero line with a narrow histogram, indicating a lack of strong directional momentum. RSI fluctuated between 40 and 60, reflecting equilibrium between buyers and sellers. Bollinger Bands narrowed midday before expanding in the 20:15–21:15 ET window, coinciding with increased volume and price movement.

Volume & Turnover

Volume spiked to over 400k between 20:15 and 20:45 ET, coinciding with a breakout attempt to 0.0246. Notional turnover followed suit, with the largest single 5-minute bar at 20:15 ET hitting $9408.88. However, a divergence emerged later as volume declined despite price hovering near 0.0246, suggesting potential profit-taking.

Fibonacci Retracements

Fibonacci levels applied to the 0.0237–0.0246 range identified 0.0243 (38.2%) and 0.0244 (61.8%) as key consolidation zones. Price spent much of the session near 61.8%, suggesting traders may test resistance at 0.0246 again over the next 24 hours.

The pair may test 0.0246 for a breakout or retest 0.0243 for support, depending on early-volume behavior. Traders should remain cautious of potential mean reversion if volume fails to confirm directional movement.