PATNA (CoinChapter.com) — Coin98 recently announced partnerships to enhance its ecosystem’s utility and security. However, despite these efforts, the project’s native token, C98, could face bearish headwinds.
Coin98 is a DeFi ecosystem with a DEX, a wallet, and cross-chain bridging services.
The blockchain platform aims to facilitate seamless interaction with multiple blockchain networks, allowing users to swap, stake, borrow, and lend cryptocurrencies across different blockchains without relying on centralized exchanges.
Despite its recent rally, the C98 price remains far below its $6.66 all-time high. With the wider crypto market buzzing with spot Bitcoin ETF approvals and hopes for a similar performance from Ethereum ETFs, the Coin98 token could continue its rally.
Security and Utility Enhancements Underway
Coin98’s recent integration with First Digital Custody aims to address a crucial aspect of digital asset management: security. This partnership provides individual and institutional investors with a secure storage solution for C98 tokens.
By aligning with the increasing demand for secure investment avenues, Coin98’s partnership with First Digital could potentially attract institutional participation, considered vital for market growth and stability.
Simultaneously, Coin98 has sought to expand the utility of its C98 token through a partnership with Starship, a multi-chain, community-driven fundraising platform.
This initiative allows C98 holders to use their tokens in fundraising activities, moving beyond transactional utility to deepen engagement within the DeFi and broader Web3 ecosystems.
Moreover, the Starship integration might help enhance investment opportunities and increase the utility of the C98 token across multiple chains.
Coin98’s C98 Token Faces Downside Risks
C98 token price almost went vertical on Feb. 12, with the resulting rally seeing the Coin 98 token price rally more than 46% to reach a daily high near $0.345 on Feb. 19, a week later. However, the bull run created bearish reversal risks in the form of an overbought RSI.
An overbought RSI usually precedes a bearish reversal or a consolidation phase for the underlying asset, resulting in traders considering the occurrence a bearish sign and often a sell signal. The RSI for C98 had a reading of 82.88 on the daily charts, well above the overbought threshold of 70.
As such, if the supply wall near $0.367 rebuffs C98’s price rally, the Coin98 token price could drop to the support near $0.32. Moreover, breaching the immediate support level might force the C98 token price to test its 20-day EMA (red wave) support near $0.28 before recovering.
Conversely, breaking past the supply wall, one could see the C98 price rally to the resistance near $0.408 before corrections pare gains.
