Market Overview for Coin98/Tether (C98USDT): Volatility, Rebound, and Momentum Shifts on 2025-09-20

• Price dropped to 0.0486 after a sharp sell-off in early hours, then rebounded to 0.0514 by 16:00 ET
• RSI hit oversold conditions around 0.0486 before recovering, signaling potential short-term bounce
• Volatility expanded during the selloff, followed by consolidation in the 0.05–0.051 range
• Bollinger Bands showed expansion during sell-off and contraction as price stabilized
• 15-minute chart formed bullish engulfing and inside bar patterns following the rebound

The price of Coin98/Tether (C98USDT) opened at 0.0502 on 2025-09-19 at 12:00 ET and fell to a 24-hour low of 0.0484 before recovering to close at 0.0501 at 12:00 ET. Total volume reached 16,336,731.1, with a notional turnover of ~817,253.1 USDT. The pair exhibited a sharp bearish move in the early hours, followed by a consolidation phase and a modest rebound into late afternoon trading.

Structure & Formations

The 15-minute chart showed a strong bearish move from 0.0501 to 0.0486, forming a long bearish candlestick at 00:15 ET. A key support level appears to have formed near 0.0485–0.0486, as the price bounced off this zone over the next three hours. A bullish engulfing pattern emerged at 05:15 ET, followed by a smaller but meaningful inside bar at 08:45 ET, suggesting buyers may have taken control near the 0.0505–0.0506 range. A key resistance appears to be forming at 0.0507–0.0508, where price has struggled to break out multiple times.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs moved downward through the session, reflecting the bearish momentum. Price tested the 50-period line multiple times but failed to hold above it. On the daily chart, the 50-period and 200-period SMAs are not yet updated for today’s close, but the 100-period SMA appears to be acting as a dynamic resistance near 0.0505–0.0506, which coincides with the recent consolidation zone.

MACD & RSI

The MACD line turned negative early in the session and remained below the signal line, reflecting bearish momentum. A divergence began to form by 05:15 ET, with the MACD line starting to flatten as price moved higher, suggesting a potential shift in momentum. The RSI reached an oversold level of 28 near 0.0486 and rebounded into the 45–55 range by the close, indicating that the selloff may have overstretched.

Bollinger Bands

The Bollinger Bands expanded during the early sell-off, with price moving below the lower band at 0.0486. As the price rebounded, volatility decreased and the bands began to contract, signaling a period of consolidation. By late afternoon, price had returned to the middle band and remained within the upper and lower bounds, suggesting short-term equilibrium.

Volume & Turnover

Volume spiked sharply during the early bearish move, particularly at 00:15 ET when a large candle formed at 0.0486. However, volume declined significantly after the rebound, with relatively modest activity during the consolidation phase. The volume profile suggests a strong distribution move in the early hours, followed by a period of indecision among traders.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 0.0503–0.0486 move, the 38.2% level aligns with 0.0493 and the 61.8% level with 0.0497. Price tested the 61.8% level around 05:15 ET and bounced off it into the upper 0.0501–0.0502 range. A failure to break 0.0508 in the next 24 hours may confirm this as a new intermediate resistance.

Backtest Hypothesis

Given the formation of a bullish engulfing pattern at 05:15 ET and the rebound from the 61.8% Fibonacci level, a backtesting strategy could be designed to capture short-term bounces following strong oversold RSI signals. A long position triggered at the open of the candle following a 28 RSI reading and confirmed by a bullish engulfing pattern may have yielded positive returns in similar setups. A stop-loss placed just below the 0.0486 support level would have protected against further downside, while a take-profit near the 50-period SMA (0.0505–0.0506) could have captured the consolidation phase. The next 24 hours will test the sustainability of the bounce and whether buyers can push price above 0.0508.