BENQI/Tether Market Overview for 2025-10-20

• BENQI/Tether (QIUSDT) traded in a tight range for most of the 24-hour period, with key resistance near 0.00567 and support at 0.00555–0.00557.
• Price action shifted into a more bearish bias during the overnight hours, dipping below 0.00559 before a late-day rebound into the 0.00563–0.00566 range.
• Volume saw a notable spike around 17:15 ET, coinciding with a 0.0056–0.0057 breakout attempt, but failed to confirm bullish momentum.
• RSI remains in neutral territory, but the late-day rally suggests a potential reversal from oversold conditions around 0.00556.
• Bollinger Bands have shown a moderate expansion during the late trading session, indicating a return in volatility.

24-Hour Summary

At 12:00 ET–1, BENQI/Tether (QIUSDT) opened at 0.00566 and traded in a range bounded by a high of 0.00573 and a low of 0.00547. The price closed at 0.00566 at 12:00 ET, showing consolidation toward the session’s midpoint. Total volume reached 21.9 million, and turnover amounted to approximately $122,300, indicating moderate activity amid a sideways trend.

Structure & Formations

The 15-minute chart reveals a mix of small-range consolidation and short-lived bullish and bearish attempts to break out of the range. A key support level appears to have formed around 0.00555–0.00557, where the price found a floor during the overnight hours. On the resistance side, the 0.00567–0.00569 level has shown strong rejection on several occasions, including a failed breakout attempt at 17:15 ET. A doji formed near 0.00561 at 23:45 ET, suggesting indecision after an early morning dip. The 0.00566–0.00569 cluster may now act as a psychological pivot for the next 24 hours.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are closely aligned near 0.00563–0.00564, indicating a balanced, neutral trend. The price spent much of the session within the band, oscillating between the two moving averages. The 200-period MA on the daily chart remains flat around 0.00565, offering a potential long-term support level. The 50-period MA has crossed above the 100-period MA in the past few sessions, hinting at a possible short-term bullish bias, though it remains to be confirmed.

MACD & RSI

The MACD histogram has been fluctuating around the zero line, with a slight positive divergence in the final few hours suggesting a potential short-term bullish momentum. RSI remains in the 50–60 range, indicating a neutral to slightly bullish momentum. A dip into the 30s occurred overnight, confirming an oversold condition that was followed by a rebound. If RSI can cross above 60 without breaking above 0.00569, it may signal a continuation of consolidation.

Volume & Turnover

Volume activity remained moderate for most of the session, with the exception of a notable spike at 17:15 ET, when the price attempted a breakout above 0.00567. This breakout failed, and the price pulled back, suggesting a lack of conviction in the bullish move. Overnight, during the price drop to 0.00556, volume remained subdued, which weakens the bearish signal. A significant increase in volume would be needed to confirm either a breakout or breakdown in the coming 24 hours.

Bollinger Bands

Bollinger Bands were relatively compressed during the first half of the session, indicating low volatility. However, during the late morning and afternoon, the bands expanded, particularly from 17:15 ET onward, aligning with the breakout attempt and subsequent pullback. The price has spent the majority of the session near the mid-band, but recent candles have shown a slight shift toward the upper band, indicating a tentative return in volatility.

Fibonacci Retracements

Applying Fibonacci retracement levels to the overnight swing low (0.00556) and the intra-day high (0.00573), key levels include 0.00563 (38.2%) and 0.00566 (61.8%). These levels have coincided with recent price action and could act as dynamic support/resistance in the near term. A break above 0.00569 would likely see a test of the 78.6% retracement at 0.00571, which is currently acting as a psychological ceiling.

Backtest Hypothesis

The recent RSI activity, particularly the overnight dip into oversold territory followed by a rebound, aligns with a potential RSI-based trading strategy. A hypothetical backtest using RSI > 70 as a sell signal and a 5% stop-loss could offer insights into the strategy’s viability for QIUSDT. However, the RSI data for this symbol is currently unavailable due to a ticker recognition issue, preventing the backtest from proceeding at this time. Once the correct ticker is confirmed, a full backtest can be executed, offering a clearer view of the strategy's performance across a historical price series.