Coin98 (C98) Technical Analysis: Buyers Are Not Ready for Change Yet

Peter  |  Nov 25, 2021

Although the C98 cryptocurrency has not been traded in the cryptocurrency market for a long time, during this time we have seen its first tragedy. Perhaps it is more accurate to say the unrealized ambitions of one side of the market. In the weekly timeframe, we see that since the end of September, buyers have been trying hard to start building a growth trend. The main problem that stood in our way was the $3.92 mark. In 7 weeks, all attempts by buyers to fix above this mark were unsuccessful. For 4 times, buyers managed to break the mark of $3.92 up. However, they did not manage to maintain the dominance in the weekly timeframe above this mark. As a result of the loss of buyers' initiative in the C98 market, we see a local fall wave in the form of a weekly candle from 15 November.

C98

The trigger for a sharp price reversal and a fall by 15% was the update of the local high, which turned into a false breakdown. At the moment, the best scenario for buyers is to continue the consolidation in the wide range of $2.94-$3.92. If sellers feel confident around the $3.92 mark, then buyers are fairly secure at the $2.92 mark. In the trading history, we can see that the September fall stopped in the range of this mark. Sellers tried to break the $2.92 mark twice, but the price bounced upwards. Therefore, if buyers maintain this mark during the current correction, it will be a sign of a set of positions for the future medium-term growth wave.

Technical Analysis of C98 in the Daily Timeframe

TradingView Chart

Analyzing the movement of the C98 price in the daily timeframe, the price is at a critical point and investors should be worried. The fact is that the C98 price is now testing the lower trend line of the growth channel. And so far, we do not see an active buyout of the price. Everything is going at low volumes. In the event of a continued BTC price fall, buyers do not plan to keep the global mark of $2.94. This could lead to a severe collapse of the C98 market to the $2 mark range. Therefore, investing in the C98 market should now take into account this feature, so as not to freeze your deposit in the 30% drawdown.

The C98BTC Price Is Still in the Correction Phase

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A similar situation occurs on the price chart of the C98BTC. Globally, the price is in a confident channel of falling above its midline. Moreover, the previous price zone was broken on 6 October. Now sellers are trying to do just that without much effort in the form of volumes. If they succeed — the prospect of continued fall for the C98 market — 30%. To confidently invest in the C98 market, it is worth waiting for either a strong price rebound or the appearance of increased trading volumes. And while we do not see it — the C98 market remains dangerous.

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