Market Overview for Coin98/Tether (C98USDT)

Summary
• Price declined from 0.0228 to 0.0216 in early hours but rebounded to close near 0.0222 by 12:00 ET.
• Notable volume spikes occurred during sharp downward moves, suggesting increased selling pressure.
• A bearish engulfing pattern formed at 0.022, followed by a bullish rebound hinting at potential support.
• RSI and MACD indicate mixed momentum, with RSI near overbought and MACD in a consolidating phase.
• Volatility expanded during the rebound, with price briefly breaching upper Bollinger Band at 0.0223.

24-Hour Performance

Coin98/Tether (C98USDT) opened at 0.0226 at 12:00 ET–1 and traded as low as 0.0211 before closing at 0.0222 by 12:00 ET. The price touched a high of 0.0223 and a low of 0.0211, reflecting heightened volatility. Total 24-hour volume was 35,235,428.1 and notional turnover reached 776.5 USDT.

Structure & Momentum

The price action displayed a clear bearish impulse early in the session, dropping from 0.0228 to 0.0216 before a recovery attempt began around 0.0220. A bearish engulfing pattern formed at 0.0227–0.0220, suggesting short-term bearish sentiment. This was followed by a bullish reversal into 0.0222, indicating potential support near that level. On the 20-period 5-minute chart, the price remains above the moving average, suggesting short-term buyers may have regained control.

Volatility and Indicators

Bollinger Bands showed a significant expansion following the rebound, with price briefly crossing above the upper band at 0.0223. RSI reached 68 near the close, suggesting the pair may be nearing overbought territory, though a reversal is not yet confirmed. MACD remains in a consolidating phase, with the histogram showing mixed signals of momentum.

Volume and Turnover

Volume spiked during key price swings, particularly on the sharp downward move into 0.0216 and the rebound into 0.0222. Notional turnover mirrored these spikes, confirming price action. The volume at 0.0220–0.0222 was sufficient to support a short-term reversal, but traders should monitor for any divergence in the next 24 hours.

Fibonacci Retracements

Key Fibonacci levels on the 5-minute chart showed activity around the 61.8% (0.0217) and 38.2% (0.0221) retracements during the rebound. These levels acted as temporary support, suggesting traders are watching these areas for potential directional cues. On the daily chart, the 50/100/200 EMA levels are closely aligned, pointing to a potential continuation of the current trend.

The price may continue to consolidate between 0.0220 and 0.0225, with a break above 0.0225 potentially signaling a resumption of bullish momentum. Traders should remain cautious, as the RSI suggests the market could be overextended, and a pullback below 0.0220 could trigger renewed bearish pressure.