Market Overview for Coin98/Tether (C98USDT): 24-Hour Technical Summary

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• C98USDT dipped to a 24-hour low of $0.0588 amid bearish momentum and a sharp drop in volume during the final hours.
• Key support was tested around $0.060–0.061, with bearish engulfing and breakdown patterns observed in late ET sessions.
• Volatility spiked early, but the move was not confirmed by volume, suggesting potential divergence.
• RSI reached oversold levels, hinting at a possible near-term bounce, though a reversal remains uncertain.
• Bollinger Bands narrowed during consolidation, suggesting a potential breakout or breakdown in the next 24 hours.

At 12:00 ET–1 on 2025-10-06, Coin98/Tether (C98USDT) opened at $0.0647 and reached a high of $0.0671 during the early ET hours before declining to a 24-hour low of $0.0588. The pair closed at $0.0588 by 12:00 ET on 2025-10-07. Total volume was 30.5 million units, while notional turnover was $1,896,684.

The price action revealed a bearish bias across the 24-hour period, especially in the final 6 hours, where the price collapsed from above $0.065 to below $0.0615. A bearish engulfing pattern formed around $0.065 and confirmed the breakdown. Additionally, a long lower shadow in the $0.0620–0.0630 range suggested some short-term support but failed to hold during the final hours. A notable doji near $0.0615 signaled indecision and potential reversal.

Moving Averages and Fibonacci Retracements

The 20-period and 50-period moving averages on the 15-minute chart were bearishly aligned, with price failing to cross back above the 50SMA after an early morning false rally. On the daily chart, the 50/100/200SMA were in a steep downward slope, reinforcing the bearish trend. Fibonacci retracement levels showed key support at 38.2% ($0.0626) and 61.8% ($0.0607), with the final close testing the 61.8% level.

Momentum and Volatility Indicators

The RSI dropped to 28 by 15:15 ET, suggesting oversold conditions, though the move was not confirmed by volume. MACD turned negative with a bearish crossover, and the histogram showed increasing bearish momentum in the final hours. Bollinger Bands tightened during midday consolidation but expanded in the last 6 hours, aligning with the sharp price decline.

Volume and Turnover Analysis

Volume spiked during the initial breakout to $0.0671 but then faded during the subsequent consolidation, indicating a lack of conviction in the bullish move. A second volume spike occurred during the breakdown to $0.0610–0.0605, confirming the bearish move. However, notional turnover did not reach multi-hour highs during the breakdown, hinting at potential divergence or a short-term selloff.

Backtest Hypothesis

A potential backtesting strategy could focus on identifying breakdowns confirmed by both volume and momentum indicators. Specifically, entering a short position when the price breaks below the 61.8% Fibonacci level with increasing volume and bearish MACD divergence may offer a favorable risk-reward profile. This approach could be enhanced by setting a stop-loss above the 50SMA and targeting the next key support level at $0.0580.