$C98
Technical Analysis – Downtrend Continuation
Current Price: 0.0262
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Trend Overview:
$C98 is trading below all major moving averages (MA5: 0.0268, MA10: 0.0271, MA20: 0.0273, MA120: 0.0272), forming a clear bearish alignment. The short-term MA5 is positioned below the longer-term averages, confirming strong selling pressure and a sustained downtrend.
Price Action:
Recent candlestick data indicates significant selling volume during sharp declines, a classic sign of capitulation. The latest candles show declining volume, which could suggest temporary selling exhaustion or a pause before the next move.
Capital Flow:
Net outflows remain consistent across multiple timeframes in both spot and contract markets. Notably:
24H contract net outflow: -1M
7D spot net outflow: -1.1M
This sustained capital flight signals weak buyer confidence and reinforces the bearish sentiment.
Trading Plan:
Short Entry:
On a pullback towards the resistance cluster at 0.027–0.0274, if rejected.
Alternatively, on a break below the 0.026 support (24H low) with confirming volume.
Stop-Loss: 0.028 (above key resistance and MA20, serving as a logical invalidation point for the bearish thesis).
Target: 0.0257 (major support). A decisive break below this level could extend the move toward 0.025.
Summary:
$C98 remains in a strong downtrend, supported by moving average alignment, selling pressure, and sustained capital outflows. Traders may consider short positions on pullbacks or confirmed breaks of key support.
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