- Coin98 price analysis for today is bearish but bullish growth can be seen.
- C98 has consolidated support at $4.08.
- Significant resistance is visible at $5.
Coin98 has grabbed the attention of several investors as the cryptocurrency rose from $0.06 at the end of June to over $6 by the end of August. This made C98 one of the best performing altcoins as Bitcoin is struggling to rise above the $50k resistance levels. Today, the price movement is bearish as the coin is trading at a loss of 5 percent.
For now, it can be seen that support at $4.08 has been found, and it seems that the support will hold. Bitcoin has also found support at the $47k price level, and we might expect a price surge in the entire market as BTC/USDT tried to breach the $49-$50 price levels. If the support at $4.08 holds, the next resistance for C98, according to our Coin98 price analysis, is at $5.
The trading value for C98 has fallen by over 7.74 percent, and the coin is ranked at 218. A major price surge was seen in LINK, VET, and ETH today, while C98 is about 51.82 percent below its all-time high at 8.69 USD.
Coin98 price analysis based on technical indicators on 4-hour chart
Based on the readings of technical indicators, it can be confirmed that the presence of bears has been dominant since 25th August. According to the readings of the technical indicators below, i.e., the MACD indicator and the RSI indicator, we are experiencing bearish price movement. The RSI flashes at 39 with a negative gradient meaning that it is possible for C98 to see further bearish growth.
According to the MACD indicator, the signal line (the orange one) is present above the MACD line (the blue one), which is a signal of bearish price movement. The bearish price movement is also represented by the red histogram that is clearly visible in the 4-hour chart below.
The other two important indicators that we will be taking into consideration are the Bollinger Bands and the 50-day and 100-day Moving Averages. The two Moving Averages play a key role in our Coin98 price analysis. It is clear from the below chart that the price movement is below the 50-day Moving Average and above the 100-day Moving Average.
The mapping of the price action on the Bollinger Bands indicates that the price of Coin98 is aiming to break out of the lower end of the Bollinger Bands. It is a possibility that we might see the price fall down further if the support at $4.08 doesn’t hold. Although looking at the position of Bitcoin and the resistance and support levels, there is also a chance that an upward movement towards $5 can happen.
Coin98 price analysis: Conclusion
Coin98 price analysis shows bullish growth for the long term as most experts predict the price of C98 crossing 100 USD in a period of 5 years. For today, the price analysis is bearish as the coin will try to consolidate the current support and try to breach upwards.
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