IQ/Tether (IQUSDT) Market Overview

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• Price consolidated near 0.00324–0.00326 range, with bears defending 0.00323 support cluster.
• Volatility surged during the overnight drop, but bulls regained control after 08:00 ET.
• MACD turned positive post 08:00 ET, confirming a potential short-covering rebound.
• RSI remains neutral, showing no overbought or oversold extremes, suggesting ongoing range trading.

24-Hour Price Action and Volume

IQ/Tether (IQUSDT) opened at 0.003258 on October 5 at 12:00 ET and reached a high of 0.003264 at 14:15 ET on October 6. The pair tested key support at 0.00323 during the overnight session before rebounding and consolidating near 0.00324–0.00326 during the day. The 24-hour volume totaled 250.2 million contracts, with a notional turnover of approximately $801,000 (assuming average price of 0.00324).

Structure and Key Levels

A notable bullish engulfing pattern appeared between 08:00 ET and 09:00 ET as price broke out of a consolidation range. Key support levels are at 0.00323 (tested 5x) and 0.00321 (failed test on 22:15 ET). Resistance is seen at 0.00326 and 0.003262, where prior rejections occurred. A doji formed near 0.003245 at 19:30 ET, signaling indecision.

Momentum and Volatility

The MACD crossed above zero during the morning session, indicating renewed buying pressure. RSI remained between 45–55 for most of the day, suggesting balanced momentum. Bollinger Bands expanded during the overnight move down but have since narrowed, indicating a period of consolidation. Price remains within the upper and lower bands, suggesting low overbought/oversold risk at this time.

Volume and Turnover Divergence

Volume increased during the early morning sell-off but sharply declined after 08:00 ET as price reversed higher. This suggests that the initial bearish move may have been driven by profit-taking or short-term panic. Turnover remains consistent with prior ranges, with no sharp spikes indicating large whale activity.

Fibonacci Retracements

Applying Fibonacci to the overnight swing (0.003262 high to 0.003216 low), key retracement levels include 0.00323 (38.2%), 0.00324 (50%), and 0.00325 (61.8%). The current price of around 0.003246 is near the 50% retracement level, which may act as a pivot for the next 24 hours.

Backtest Hypothesis

The backtest strategy involves entering a long position when price breaks above the 50-period moving average on the 15-minute chart, with a stop-loss placed below the last swing low. Given the recent MACD crossover and price holding above the 50-period moving average, this setup appears to align with the current trend. A 24-hour test of this strategy on historical 15-minute data could validate its efficacy in the current range-bound IQUSDT structure.

Outlook and Risk

Looking ahead, IQUSDT appears poised for a potential breakout to the upside if it can hold above 0.003245. A sustained move above 0.003262 could invite further accumulation. However, a retest of 0.00323 or below could reignite bearish momentum. Investors should monitor volume and the 50-period MA for confirmation of a breakout.