Market Overview for BENQI/Tether (QIUSDT) on 2025-09-14

• QIUSDT dropped 4.5% in 24 hours, closing at 0.0076 after a volatile session.
• Notable intraday pullback occurred around 0.00766, testing immediate support levels.
• RSI signaled overbought conditions during early gains, followed by a sharp divergence.
• Volume surged mid-session but faded sharply in the final hours, suggesting caution.
• Bollinger Bands narrowed before a breakout, hinting at possible consolidation.

BENQI/Tether (QIUSDT) opened at 0.00772 at 12:00 ET–1 and closed at 0.0076 at 12:00 ET, hitting a high of 0.00783 and a low of 0.00747. The pair recorded a total volume of 11,621,464.0 and a notional turnover of ~$88,200 over the 24-hour period. Price action reflected a bearish reversal after a morning rally, with bearish momentum intensifying after 03:00 ET.

Structure & Formations

The 15-minute chart displayed several bearish patterns, including a key bearish engulfing pattern near 0.00776 and a potential doji near 0.00773, indicating indecision. Price tested key support at 0.00766 and 0.00758, with the latter holding temporarily. A descending triangle formation from 0.0077 to 0.00766 suggested a likely breakdown, which occurred in the late hours.

Moving Averages

On the 15-minute timeframe, price broke below both the 20-period and 50-period moving averages, confirming a bearish bias. The 50-period MA at 0.00772 and the 20-period at 0.00776 acted as immediate resistance, while the 200-period MA on the daily chart remained above the session close at 0.0076, indicating a broader bearish trend.

MACD & RSI

MACD crossed below the signal line in the afternoon, confirming a shift in momentum. RSI dropped from overbought territory (~72) in the morning to ~35 by the close, indicating a strong bearish impulse. A bearish divergence formed between RSI and price action during the afternoon pullback, suggesting further downside could be in play.

Bollinger Bands

Bollinger Bands saw a brief contraction in the early hours before widening, signaling increased volatility. Price closed near the lower band at 0.00747, a level that often acts as a trigger for short-term rebounds or breakouts. However, the absence of a strong rebound suggests bearish control.

Volume & Turnover

Trading volume surged in the early morning hours, peaking at 2.6 million at 06:45 ET, but faded significantly by the afternoon. Notional turnover mirrored this trend, with the most activity concentrated during the morning rally. Divergence between volume and price in the late session suggests a potential exhaustion in the short-term downtrend.

Fibonacci Retracements

Applying Fibonacci levels to the morning rally from 0.00766 to 0.00783, key levels at 0.00774 (38.2%) and 0.0077 (61.8%) were tested. Price failed to hold the 38.2% retracement, confirming a breakdown. On the daily chart, a 61.8% Fibonacci level at 0.00763 may act as a short-term support or trigger for a bounce.

Backtest Hypothesis

Given the bearish breakdown confirmed by both candlestick patterns and RSI divergence, a backtesting strategy could be constructed using a short bias when price breaks below the 61.8% Fibonacci level and MACD confirms bearish momentum. A stop-loss could be placed above the 0.00773 resistance, while a trailing stop could be triggered on a 5% rebound. This approach would align with the current structure, volatility profile, and divergence seen in key technical indicators, offering a risk-managed short-term trading opportunity.