Coin98 price analysis: C98 falls below $3.7 support, lower prices to follow?
TL;DR Breakdown
- Coin98 price analysis predicts a bearish growth for today.
- We can see red engulfing candles on the 4-hour chart.
- C98/USDT has found a price resistance at $4.0.
- The price action broken down the support at $4.4 while $4.1 support holds.
Coin98 price analysis is engulfed in red and bears have continued to maul the bulls. Looking at the charts and implementation of basic trading fundamentals states the fact that Coin98 is indeed in a bearish trend. The fall of Bitcoin from $52K to $51K can be cited as a reason for the downtrend that Coin98 is currently in. Although, it is to be noted that Coin98 has been one of the best gainers in the recent few weeks.
Coming to the Coin98 price analysis, it is also clear that C98/USDT price is at $3.5 while Bitcoin is at $51.3K. The market has been bullish for the past 24 hours but right now, bears have set a trap. Although, it seems that this is just a cool-down phase as a result of the previous price surge. Bitcoin is currently not in a bearish trend and we can expect higher prices.
Bitcoin today closed a candle above the $51K price level and once the cool-down phase is complete, higher prices are expected to follow. Currently, for Coin98, we can see that the supports at $4.4 and $4.5 have been broken while the price is retracing towards the $4.1 support. For now, this support holds but in case the price action fails, newer lows might be formed by Coin98.
Coin98 price analysis: A study of technical indicators on the 4-hour chart
The first indicator is the RSI and the MACD indicators on the 4-hour chart by TradingView. The Relative Strength Indicator currently reads 40 which indicates that the selling pressure is still higher than the buying pressure. A sharp negative gradient indicates that the price fall was sudden and there was a lot of panic selling. According to our Coin98 price analysis, the current RSI indicator means that it could be the time to buy Coin98.
The MACD indicator, on the other hand, has experienced a bearish divergence as the price action is now turning bearish. Bearish divergence on the MACD indicators is a scenario wherein the blue line or technically known as the MACD line crashes below the orange one called the signal line.
Coin98 price analysis can also be done with the help of the position of the candles and the price movement in the Bollinger Bands. We can witness that the real-time price action has broken out from the lower end of the Bollinger Band following the rise of Bitcoin from $51K to $52K. With this, a bearish trend can be confirmed with the onset of two consecutive red engulfing candles.
When it comes to the position of the key Moving Averages, you always need to place your trade when the price of the coin is around or below these Moving Averages. The important Moving Averages are the 50-day and the 100-day Moving Averages. Traders have used these Moving Averages for ages to predict the price action of a stock or a coin. Currently, the C98/USDT pair has fallen down the 50-day and 100-day Moving Averages.
Coin98 price analysis: Conclusion
Coin98 price analysis can be concluded on a bearish note with the support at $3.5 likely to hold. Since the support at $3.5is a major one, the price movement might rebound from that level and aim for higher resistance levels.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
