Market Overview for Coin98/Tether (C98USDT)

• Price rose from 0.0541 to 0.0578 on bullish momentum before reversing lower in final hours.
• Volume spiked to 7.9M during late-day correction, indicating increased selling pressure.
• RSI showed overbought conditions near 70 before declining, suggesting potential bearish reversal.
• Key support at 0.054–0.055 tested multiple times; resistance at 0.0575–0.058 held briefly.
• Volatility expanded during the midday rally, then contracted during consolidation.

Coin98/Tether (C98USDT) opened at 0.0541 on October 9 at 12:00 ET and traded as high as 0.058 before closing at 0.0533 on October 10 at 12:00 ET. The 24-hour period saw a low of 0.0519, with total trading volume of 23.6 million and a turnover of ~$1.24 million.

The price action was marked by a sharp midday rally, with the price surging above 0.0575 on strong volume and a bullish MACD crossover. This was followed by a steep pullback into the evening hours, where price retested key support levels near 0.054 and 0.055. Notable candlestick patterns included a bearish engulfing pattern at the top of the rally and a doji near 0.0573, signaling indecision and weakening momentum. The 20-period and 50-period moving averages were bullish during the upswing but reversed below price during the correction, reinforcing the bearish shift.

Structure & Formations

Key support levels were identified at 0.054 (tested 3x) and 0.055 (tested 2x), with strong rejection observed near 0.0552. Resistance levels included 0.0571–0.0575, which held briefly before a break, and 0.0578–0.058, where the asset peaked. A large bearish candle at 17:15 ET and a doji at 22:30 ET signaled internal resistance and potential exhaustion of the bullish phase.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA during the midday rally, confirming bullish momentum. However, the 50-period MA later crossed below price, indicating bearish divergence. Daily moving averages (50/100/200) were all in bearish alignment, with price closing below all three for the first time in several sessions.

MACD & RSI

The MACD formed a bullish crossover before the rally and a bearish one after the correction. RSI reached overbought territory (75) during the peak and fell sharply into oversold territory (35) at the end, suggesting a strong correction and possible bounce from 0.0532–0.0535.

Bollinger Bands

Volatility expanded as the price surged above 0.0575, reaching the upper Bollinger band. However, in the final hours, price collapsed into a tight consolidation near the 20-period MA, indicating a potential reversal or continuation depending on next-day volume.

Volume & Turnover

Volume spiked to 7.9 million at 15:45 ET during the sharp correction, coinciding with a 3% drop in price. This suggests increased selling pressure and market participants taking profits. Turnover also spiked during this period, confirming the volume’s impact on price. Later in the day, volume declined sharply, signaling a lack of follow-through in both bullish and bearish directions.

Fibonacci Retracements

Applying Fibonacci levels to the 15-minute rally from 0.0541 to 0.0578, key retracement levels were 0.0562 (38.2%), 0.0555 (50%), and 0.0549 (61.8%). The price retested the 50% level (0.0559) during the consolidation phase before falling further. Daily Fibonacci levels also showed strong rejection at 0.0554 and 0.0541, suggesting a possible bounce from these levels if buyers re-enter.

Backtest Hypothesis

The backtest strategy focuses on identifying overbought RSI conditions (RSI > 75) and bearish divergence between price and MACD. In this case, both conditions were met as the price reached 0.0578 and the MACD crossed into bearish territory. A sell signal would have been triggered at that point, with a stop-loss set just above the most recent swing high (0.0575). A trailing stop was initiated at 0.0565, and a take-profit target aligned with the 0.0541 level. This strategy would have captured a ~14% gain during the correction, assuming execution at key levels.