Coin98 (C98) Technical Analysis: Near the $3 Mark the Coin Fate Will be Decided

Peter  |  Oct 6, 2021

During the last trading month on the C98 market, the price has been moving strictly within the black consolidation channel. Yes, this channel is slightly sloping down, but the update of each local low ends with a false breakdown and a sharp price reversal. All this happens at equally low volumes. Therefore, it can not be called even a weak trend. After the meeting of the C98 price with the range of $4-$4.2 on the market, the correction began, which continues to this day.

TradingView Chart

However, within 4 days, the C98 price did not decrease significantly in price. Whose credit is it - buyers or the Bitcoin market, which with its growth supports the altcoin market, which seeks correction? The question is still rhetorical, but the main conclusion for C98 market participants can be made in the range of $3. Having met resistance near this mark in the form of buyers' limit orders the price with high probability will stop the fall. And then the price will prepare for the formation of a new growth wave. Losing the $3 mark will lead to a protracted correction of the C98 market with the first target of $2.67. In any case, the main target of buyers is to keep the black consolidation channel of price movement. Even a fall to $2.67 will not cancel the main long trend of buyers.

Technical Analysis of C98 in the 4-Hour Timeframe

C98

On 5 October, on the 4-hour C98 chart, we see that the price has gone beyond the local growth wave. It happened at low volumes and buyers did not take any action to return the price. Thus, the local initiative of buyers is broken and now sellers are trying to push the price down. The highest trading volumes in the last week took place on 2 October, when the price sharply rose from $3.5 to $4. Having lost the local mark of $3.5, buyers will retreat to the mark of $3 and will not resist the price reduction. Therefore, by the end of the week, we should expect the strength test of buyers and draw conclusions about the medium-term movement of the C98 price.

The C98BTC Price Is a Step Before a Powerful Fall

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The C98BTC chart also tells us the significant impulse of the fall. As we can see in the daily timeframe, the price is near the liquidity range, which keeps the market throughout September. Loss of the range 0.000065-0.000068 will lead to the capitulation of buyers and reduce the C98BTC price by at least 20%. The critical point for sellers is at 0.00008. Having lost control over this mark, sellers will open the way for the price to grow to 0.00011.

Thus, for medium-term and long-term investments, it is worth waiting until the price comes out of the current consolidation triangle and sets a specific vector of movement.

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