Market Overview for BENQI (QIUSDT) - 2025-08-07

• BENQI/QIUSDT rose from 0.00698 to 0.00716 over 24 hours, forming a bullish continuation pattern.
• Momentum picked up after 06:00 ET with rising RSI and increasing volume.
• Price traded above 20- and 50-period moving averages, suggesting short-term strength.
• Volatility remained moderate, with price staying within 1–2% of Bollinger Band midlines.
• A 71.6% Fibonacci retracement level at 0.00705 appears to have acted as strong support.

Price Behavior and Volume

BENQI opened at 0.00698 (12:00 ET - 1) and reached an intraday high of 0.00732 by midday before closing at 0.00716 at 12:00 ET. Total volume was 21.3M QIUSDT, and turnover amounted to approximately $151,000. The price action suggests a continuation of upward bias from the prior day, with a key breakout above 0.00705, a 38.2% retracement level of the recent 15-minute swing.

Trend and Momentum

The 20- and 50-period moving averages on the 15-minute chart remained in ascending order, supporting the bullish bias. The RSI climbed from 35 to 60 through the morning, signaling gathering momentum. A bullish engulfing pattern emerged near 06:30 ET, confirming a potential short-term reversal after a consolidation phase. The MACD crossed above the signal line with increasing histogram values, further confirming upward momentum.

Volatility and Patterns

Volatility remained relatively stable, with Bollinger Bands showing no sharp contractions or expansions. Price traded within the upper 1–2% range of the bands most of the day, indicating a contained upward move. A small doji near 0.00705 at 09:45 ET indicated a brief pause in buying pressure, but the follow-through rally suggests buyers regained control.

Volume and Divergence

Volume spiked at key breakout points, particularly between 06:30 and 08:00 ET, where 5M QIUSDT was traded. Turnover increased in sync with the price rise, showing no divergence. This co-movement supports the validity of the uptrend.

Looking ahead, if the 0.00716 level holds and buyers push past the 0.00727 resistance, the next target could be 0.00732. However, a pullback below 0.00705 could invalidate the bullish bias, so investors should watch for divergence in volume and RSI levels as cautionary signals.