Market Overview: BENQI/Tether (QIUSDT) on 2026-01-13

Summary
• Price tested key resistance near 0.00336 and retested 0.00332 support twice, forming potential consolidation zones.
• RSI shows moderate momentum, with no clear overbought or oversold signals in the 24-hour frame.
• Volatility remained tight, with Bollinger Bands constricting price action into a narrow range.
• Volume distribution was uneven, showing stronger buying pressure during Asian and US trading hours.
• A bullish 5-minute engulfing pattern appeared near 0.00331 in early morning UTC, suggesting short-term reversal potential.

BENQI/Tether (QIUSDT) opened at 0.00334, reached a high of 0.00336, and a low of 0.00329, closing at 0.00334. Total 24-hour volume was 18.6 million USD, with turnover at 62.6 thousand USD.

Structure & Formations

Price action remained within a tight trading range of 0.00329–0.00336, with 0.00332 and 0.00336 acting as key support and resistance levels. A small bullish engulfing candle formed around 0.00331 on the 5-minute chart, hinting at a potential short-term bounce. A bearish doji appeared at 0.00333 mid-session, suggesting indecision.

Moving Averages and Momentum

The 5-minute 20-period and 50-period moving averages remained closely aligned, reinforcing the range-bound nature. RSI fluctuated between 40–60, indicating neutral momentum with no clear overbought or oversold bias. MACD remained near the zero line, with no significant divergence from price action.

Volatility and Bollinger Bands

Bollinger Bands showed a period of contraction during the overnight Asian session, which may indicate a consolidation phase ahead of a breakout. Price tested the upper band near 0.00336 and the lower band near 0.00329, suggesting these levels could define near-term volatility boundaries.

Volume and Turnover

Trading volume spiked during Asian and US hours, particularly around 03:30–04:45 UTC, when price tested key support. Turnover and price moved in tandem during this period, indicating genuine demand. However, volume declined during the European session, suggesting reduced participation.

Fibonacci Retracements

A 5-minute Fibonacci retracement from the high of 0.00336 to the low of 0.00329 suggests potential levels at 0.00333 (38.2%) and 0.00331 (61.8%). Price tested the 61.8% level multiple times, suggesting it may act as a strong support zone for the next 24 hours.

Traders may watch for a potential breakout attempt above 0.00336 or a breakdown below 0.00329, though the current tight range suggests a continuation of consolidation. A sharp volume spike could signal a shift in direction, but caution is warranted as range-bound conditions persist.