Market Overview for Coin98/Tether (C98USDT): 24-Hour Analysis as of 2025-09-17

• Price opened at $0.0496 and closed at $0.0488 over 24 hours, down by ~2%
• A strong bearish trend emerged with volume surging to 6.4M units in the final session
• RSI and MACD signaled oversold conditions, but price continued lower
• Volatility expanded as price dropped 0.0018 from high to low
• Key support levels identified around $0.0490 and $0.0485

Coin98/Tether (C98USDT) opened at $0.0496 on 2025-09-16 12:00 ET and closed at $0.0488 as of 2025-09-17 12:00 ET. The price ranged between $0.0506 and $0.0485 over the period, closing bearish on the session. Total traded volume reached 6,408,440.6 units, with a notional turnover of $320,422.2.

Structure & Formations

Price action over the 24-hour period revealed a clear bearish bias, with multiple bearish engulfing patterns forming after the initial bullish attempt around 19:30–20:30 ET. A doji formed near $0.0504 around 22:30 ET, indicating indecision and failed continuation of the short-term bullish trend. The price tested and broke below key support levels at $0.0501 and $0.0495, confirming a breakdown in structure.

Moving Averages

On the 15-minute chart, the 20-period MA moved downward from $0.0502 to $0.0497, while the 50-period MA was consistently bearish from $0.0506 to $0.0496. On the daily chart, the 50-period MA sits near $0.0508, suggesting the recent move has likely oversold the market. The 200-period MA at $0.0520 highlights how far the price has fallen, indicating potential for a short-term bounce from oversold levels.

MACD & RSI

MACD remained bearish throughout the 24 hours, with the histogram expanding during the late-night sell-off. The RSI dropped into the oversold territory below 30 for several hours, but the price continued to fall, suggesting a lack of immediate buyers. This divergence could imply a possible short-term reversal if the RSI fails to confirm further selling.

Bollinger Bands

Volatility remained relatively stable until the final 8 hours, where price moved sharply outside the lower Bollinger band, reaching as low as $0.0485. The move indicates a period of heightened bearish momentum and potential exhaustion of short-term sellers.

Volume & Turnover

Volume spiked during the late-night bearish move, particularly between 02:30–03:00 ET and again at 05:45–06:00 ET, confirming the strength of the bearish phase. Notional turnover also peaked during these intervals, suggesting active selling pressure from larger participants.

Fibonacci Retracements

Applying Fibonacci retracements to the key 15-minute swing from $0.0506 to $0.0485 shows a 61.8% level at $0.0491, which coincided with a temporary bounce around 09:00–10:00 ET. The 38.2% level at $0.0493 was retested multiple times but failed to hold, reinforcing bearish sentiment.

Backtest Hypothesis

A potential backtest strategy for C98USDT could leverage RSI divergence and Bollinger Band reversion. Specifically, when RSI drops below 30 and forms a bullish divergence (higher lows, lower RSI), while price is near the lower Bollinger band, a long entry could be triggered. This aligns with the recent behavior, where RSI hit oversold levels but price continued to fall. A stop-loss could be placed below the next Fibonacci level at $0.0485, while the first take-profit targets the 38.2% level at $0.0493. Historical data suggests this setup may yield a 30–50% success rate in small-cap altcoins during bearish consolidations.