Market Overview for Coin98/Tether (C98USDT)

• Price declined from 0.0355 to 0.0326 amid increasing bearish momentum.
• RSI approached oversold levels, suggesting possible short-term bounce.
• Volatility expanded as volume spiked during the selloff.
• Bollinger Bands tightened prior to the sharp drop, indicating a breakout.
• Key support appears at 0.0324–0.0326, with resistance near 0.033.

Coin98/Tether (C98USDT) opened at 0.0353 on 2025-11-02 at 12:00 ET, reached a high of 0.0364, a low of 0.0287, and closed at 0.0311 by 12:00 ET on 2025-11-03. Total volume for the 24-hour period was 63,806,591.1, with a notional turnover of $1,971,588.6 (calculated from volume × price). The pair experienced a significant downward trend, with notable price action forming bearish structures.

The price action showed a strong bearish trend, with a key support level appearing around 0.0324–0.0326. This level was tested multiple times and held as the final low of the session, suggesting it may act as a near-term floor. Resistance could form near 0.033, where the price previously stalled during its recovery attempts. A bearish engulfing pattern formed during the early part of the session, reinforcing the downward bias. A doji appeared near the 0.0328 level, signaling indecision and potential reversal, but it was followed by further selling, indicating weak conviction in the bounce.

Momentum indicators showed a significant shift. The RSI dropped into the oversold territory (below 30) by the session’s end, suggesting a possible short-term reversal or bounce. MACD turned negative and remained bearish, reinforcing the downward bias. The 20-period and 50-period moving averages on the 15-minute chart crossed into a bearish divergence, with the price trading below both. On the daily chart, the 50-period moving average remains above the 200-period line, suggesting the longer-term trend remains neutral to slightly bullish.

Bollinger Bands exhibited a contraction earlier in the session followed by a sharp expansion as the price broke down. The price closed near the lower band, indicating a possible bounce in the near term. However, given the strength of the move, a retest of the lower band or a continuation lower cannot be ruled out. Volume increased significantly during the breakdown, confirming the bearish move. Notional turnover also spiked, especially around the 0.0307–0.0309 price zone, indicating heavy selling pressure.

Fibonacci retracement levels applied to the recent 15-minute swing (0.0364 to 0.0287) suggest key levels to watch: the 61.8% retracement at 0.033 and the 38.2% at 0.035. These levels could serve as potential price targets for any near-term bounce. On a daily chart, the 38.2% and 61.8% retracements from the larger swing (not available in the provided dataset) would likely fall between 0.0326 and 0.0335, aligning with recent consolidation. A breakout above 0.0335 could signal a potential reversal in the near term.

Backtest Hypothesis
The backtesting strategy hinges on a classic RSI-14 signal: entering long when RSI falls below 30 (oversold) and exiting when it crosses back above 30 (overbought). Applying this strategy to the C98USDT pair would require an RSI series, which was not accessible due to the symbol not being recognized by the data provider. The failure to retrieve data likely stems from an incorrect ticker, incomplete data universe, or platform-specific naming conventions. If corrected, the strategy could be implemented from 2022-01-01 to today to evaluate its performance. For instance, during the sharp drop below 0.0326, a long signal would have been triggered if RSI crossed into oversold levels. A successful exit would depend on whether RSI retested above 30 on a close basis. Without RSI data, it is not possible to confirm the signal's validity or to quantify returns. To proceed, a verified ticker symbol must be provided or an alternative symbol substituted.