Market Overview for Coin98/Tether (C98USDT)

Summary
• Price broke below key support near $0.0294, triggering a bearish bias into the 24-hour close at $0.0285.
• Volume surged in the final 3 hours, confirming a breakdown below the 50-period moving average.
• RSI entered oversold territory, suggesting potential for a near-term bounce but not a reversal.
• A large bearish engulfing pattern formed at 05:00 ET, signaling strong downward conviction.
• Volatility expanded significantly during the final 5-hour window, with price staying below the Bollinger Band midline.

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24-Hour Price and Volume Activity

Coin98/Tether (C98USDT) opened at $0.0297 on 2025-12-09 12:00 ET, peaked at $0.0298, and dropped to a 24-hour low of $0.028. The pair closed at $0.0285 at 12:00 ET on 2025-12-10. Total volume reached 12,281,675.2 units, while notional turnover amounted to $347,996.60.

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Trend and Structure

The pair tested and broke key support at $0.0294 during the early morning hours, triggering a cascading sell-off. A large bearish engulfing pattern at 05:00 ET marked a clear shift in sentiment, with price closing below the previous candle’s body and opening the door for further downside. A doji formed briefly near $0.0289, indicating temporary indecision, but sellers quickly reasserted control. The 50-period and 20-period moving averages on the 5-minute chart acted as overhead resistance during the selloff.

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Momentum and Volatility

RSI dropped below 30 near the 24-hour close, suggesting short-term oversold conditions and the possibility of a small retracement. However, MACD remained in negative territory with a widening bearish histogram, supporting the continuation of downward momentum. Volatility expanded during the final 5 hours of the window, with Bollinger Bands widening and price staying below the midline, reinforcing bearish pressure.

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Volume and Turnover Confirmation

Volume spiked during the 11:45–12:45 ET window, with a significant portion of the 24-hour turnover occurring during the final 3 hours. This suggests increased conviction in the bearish move. Turnover aligned with price action, confirming the breakdown rather than showing divergence, which would have implied a potential reversal.

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Key Levels and Fibonacci Implications

The breakdown below $0.0294 marked a key Fibonacci level on the 5-minute chart, suggesting a target near $0.0283–$0.0285. On the daily chart, the 61.8% retracement level from a recent 50-day move now sits near $0.0281, a level likely to be tested in the near term.

The market may see a short-term bounce from current levels, but bears appear well-positioned for a continuation toward key support. Investors should watch for a potential rejection at $0.0281 or a sustained reversal above $0.0290 as signs of a potential reversal. However, with momentum still in bearish territory, further downside remains a risk.