Market Overview: BENQI/Tether (QIUSDT) 24-Hour Analysis

• BENQI/Tether (QIUSDT) closed at 0.00766, down from 0.00785, with a 24-hour low of 0.00752 and a high of 0.00811.
• The pair saw a total volume of 85,871,701.0 and turnover of ~655,164 USD, indicating moderate trading interest.
• A bearish trend emerged after a strong morning rally, followed by consolidation and a sharp pullback overnight.
• Momentum shifted bearish post-19:00 ET with oversold RSI readings and a potential support zone forming near 0.0075–0.0076.
• Bollinger Bands widened overnight, reflecting increased volatility, with price currently near the lower band.

Price Action and Structure

BENQI/Tether (QIUSDT) opened at 0.00785 on 2025-10-08 at 12:00 ET and closed at 0.00766 on 2025-10-09 at the same time, recording a 24-hour high of 0.00811 and a low of 0.00752. The price surged in the early afternoon with a bullish breakout to 0.0081, followed by consolidation and a pullback into oversold territory. A bearish engulfing pattern formed around the 0.00801 level, signaling potential exhaustion in bullish momentum. Key support levels are now forming around 0.0076 and 0.0075, while resistance appears at 0.00785 and 0.0080.

Support and Resistance Levels

Immediate support levels are estimated at 0.0076 (tested on 10:45 ET), 0.0075 (tested 8:30–9:00 ET), and a potential psychological level at 0.0074. Resistance zones are forming at 0.00785 (prior intraday high), 0.0080, and 0.00805 (previous peak). A break above 0.00805 could trigger a retest of 0.00811, while a break below 0.0075 could accelerate the downtrend.

Moving Averages and Trend Indicators

On the 15-minute chart, the 20 EMA and 50 EMA have diverged with the 50 EMA crossing below the 20 EMA, indicating a potential short-term bearish bias. On the daily chart, the 50 EMA sits above the 100 EMA and 200 EMA, which suggests a mixed trend—bullish on the longer term but bearish in the short term. The price is currently below the 50 EMA, reinforcing a near-term bearish bias.

Momentum and Volatility Indicators

The MACD histogram turned negative after 19:00 ET, confirming the bearish shift in momentum. RSI reached oversold territory at 29.8 by 8:30 ET, which may signal a potential bounce or consolidation phase. However, no strong reversal patterns have formed yet. Bollinger Bands expanded overnight, reflecting heightened volatility, with the price currently near the lower band, suggesting a potential bounce or test of the 0.0076 level.

Volume and Turnover Analysis

The highest volume occurred between 18:00–19:30 ET, coinciding with the peak rally and pullback. A bearish divergence is observed between price and volume as the volume spiked during the morning rally but decreased during the subsequent pullback. Total turnover stood at ~655,164 USD, with the largest notional trades occurring at the 0.0080–0.0081 price range.

Fibonacci Retracements

Applying Fibonacci retracements to the 0.00785–0.00811 swing, the 38.2% level is at 0.00798, which was a recent resistance. The 61.8% level is at 0.00789, which was tested in the afternoon before the pullback. A break below the 0.0076 level (61.8% of the 0.00811–0.00752 swing) could indicate a continuation of the bearish phase.

Backtest Hypothesis

A potential backtest could focus on a momentum divergence strategy triggered by RSI crossing into oversold territory while price remains below key support. The strategy would involve entering a short position upon a confirmed bearish engulfing pattern or a break below 0.0076, with a stop-loss above 0.00785 and a target near 0.0074. This approach could be tested using a 15-minute timeframe and filtered for volume confirmation during the 19:00–20:00 ET range where the bearish shift was most evident.

Outlook and Risk

In the coming 24 hours, QIUSDT appears to be consolidating within a bearish range, with oversold conditions offering potential for a near-term rebound. Traders should monitor the 0.0076 support and 0.00785 resistance levels. A breakout above 0.00805 could signal a short-term reversal, while a break below 0.0075 could accelerate the downtrend. As always, high volatility and thin volume can lead to sudden directional moves—use stop-loss orders accordingly.