Market Overview for BENQI/Tether (QIUSDT) – 24-Hour Summary for 2025-10-10

• BENQI/Tether (QIUSDT) traded in a 0.00729–0.00785 range, forming a bullish recovery after a mid-day dip.
• Price bounced from a 0.00743 intraday low, with a closing increase and rising volume toward the session high.
• Key resistance appears near 0.00776–0.00778, with support consolidating at 0.00765–0.00768.
• RSI showed overbought conditions late in the session, signaling potential short-term reversal.
• Turnover spiked during the afternoon and early evening, aligning with upward price action.

BENQI/Tether (QIUSDT) opened the 24-hour period at 0.00759 on 2025-10-09 12:00 ET and reached a high of 0.00785, a low of 0.00729, before closing at 0.00772 on 2025-10-10 12:00 ET. Total volume for the 24-hour period was 43,199,493.00 QIUSDT, and notional turnover amounted to approximately $331,000, reflecting increased activity during price retracement and consolidation phases.

Structure & Formations

The price pattern over the 24-hour period revealed a strong bearish breakdown to 0.00743, followed by a robust recovery to reclaim earlier highs above 0.00775. A key bullish engulfing pattern formed around 2025-10-10 12:00–13:45 ET, with several higher lows reinforcing support near 0.00765–0.00768. A doji formed at the close, signaling indecision, with resistance clusters forming at 0.00776–0.00778 and 0.00782–0.00785. These levels may act as psychological barriers for near-term buyers.

Moving Averages

On the 15-minute chart, the 20- and 50-period moving averages crossed over mid-session, signaling a potential bullish crossover. Price held above the 50-period MA during the recovery phase, indicating short-term strength. On the daily timeframe, while the 50-period MA is below current price, the 100- and 200-period lines appear to be converging with a potential support role near 0.0076–0.00765. This suggests a mixed bias, with short-term momentum favoring bullish continuation.

MACD & RSI

The MACD histogram turned positive in the late afternoon and early evening, confirming bullish momentum. The RSI reached overbought territory near 75 in the last hour of the session, signaling potential pullback or consolidation. These indicators suggest a high probability of a near-term price pause or reversal unless the 0.0078–0.00785 level is decisively retested and held.

Bollinger Bands

Volatility expanded significantly during the mid-day dip, with price dropping below the lower band at 0.00743. During the recovery, price re-entered the band’s mid-range, indicating stabilization. The bands have since widened again, reflecting renewed uncertainty. If price closes above the upper band without confirmation from volume, it could signal a false breakout.

Volume & Turnover

Volume spiked to over 5.3 million QIUSDT during the mid-day breakdown to 0.00743, but the recovery was driven by smaller, sustained trades—suggesting coordinated buying rather than panic selling. The highest notional turnover occurred during the afternoon and early evening, aligning with the 0.0076–0.00776 price range. Divergences between price and volume were minimal, implying strong conviction in the recent upward move.

Fibonacci Retracements

Fibonacci levels based on the 0.00729–0.00785 move indicate a 61.8% retracement near 0.00766–0.00768, which coincides with recent support. Price held above this level, suggesting a potential bounce or consolidation period. The 38.2% level at 0.00777–0.00778 may act as a short-term cap if the current rally lacks follow-through volume.

Backtest Hypothesis

A backtest strategy based on the 20-period EMA crossover and RSI divergence (triggering on overbought levels above 70 and bearish divergence) could have captured the afternoon rally while filtering out noise. A long entry on a bullish engulfing pattern at 0.00768 with a stop just below the 0.00765 support and a target near 0.00776–0.00778 would align with the technical setup. If confirmed by volume and a closing above 0.00775, the trade could offer a favorable risk/reward profile.