Market Overview for BENQI/Tether (QIUSDT) - 2025-11-05

Summary
• Price declined from 0.00433 to 0.00414 over 24 hours, forming bearish momentum.
• RSI approached oversold territory, with volume surging after 20:30 ET as price dropped to 0.00400.
• A potential support level forms near 0.00415–0.00420, with a rebound observed during the final hours.

Market Overview for BENQI/Tether (QIUSDT) - 2025-11-05

BENQI/Tether (QIUSDT) opened at 0.00433 on 2025-11-04 at 12:00 ET and closed at 0.00426 on 2025-11-05 at 12:00 ET. The 24-hour period saw a high of 0.00433, a low of 0.00400, and a total volume of 69,514,268.0 units, representing a turnover of approximately $294,772. The pair has shown a clear bearish bias amid increasing volume, particularly during the downward leg from 20:30 to 22:00 ET.

Structure & Formations

The price action featured a bearish engulfing pattern around 20:30 ET as the asset fell from 0.00412 to 0.00408 in one candle, followed by a recovery attempt from 0.00400 to 0.00427. Key support levels appear at 0.00415–0.00420, where price found buyers after multiple tests. Resistance remains at 0.00427–0.00430, where bearish rejection has occurred several times.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below the price during the drop to 0.00408, indicating short-term bearish momentum. On the daily chart, the 50/100/200 EMA lines show no immediate alignment, but the 50 EMA has moved slightly above the 100 EMA, suggesting a potential shift in medium-term sentiment.

MACD & RSI

The MACD line turned negative during the price drop to 0.00400, with the histogram showing bearish divergence. RSI dipped below 30 into oversold territory, but price failed to rebound decisively, indicating a possible bearish exhaustion. However, a recent rebound in the final hours of the 24-hour period suggests some short-term buyers are entering the market.

Bollinger Bands

Price traded near the lower Bollinger Band during the bearish phase, indicating low volatility and potential consolidation. The bands appear to be expanding again as the market moves toward the upper range, which may signal a potential reversal or continuation of the current trend.

Volume & Turnover

Volume spiked significantly after 20:30 ET as price fell toward 0.00400, with a single candle at 20:30 ET accounting for 4.29 million units traded, the highest in the 24-hour period. Turnover rose alongside volume during the drop, confirming bearish conviction. However, a recent increase in volume during the rebound to 0.00426 suggests a potential short-covering rally.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute leg from 0.00433 to 0.00400, price has tested the 61.8% retracement at 0.00420 and bounced, suggesting this level may serve as a short-term floor. On the daily chart, the 38.2% retracement of the broader bearish move is at 0.00430, which may cap further upward movement.

Backtest Hypothesis

To evaluate the potential of a market reversal or continuation, a simple RSI-based strategy could be applied to QIUSDT using the 15-minute chart. By defining RSI < 30 as an oversold buy signal and RSI > 70 as an overbought sell signal, we could test how effective this approach has been in capturing rebounds and exits during periods of high volatility. Using the daily close price for entries and exits, and including a stop-loss at 5% below entry to manage risk, this backtest could reveal the reliability of RSI as a timing tool for this pair. Running this strategy from 2022-01-01 to 2025-11-05 would provide insight into its effectiveness in both trending and ranging conditions.