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

• BENQI/Tether (QIUSDT) closed marginally higher but showed bearish consolidation near key resistance.
• On-balance volume remained mixed with late-day outflows, suggesting indecision among traders.
• RSI entered overbought territory, hinting at potential near-term profit-taking pressure.
• Bollinger Bands widened late into the session, reflecting increased volatility.
• No strong candlestick reversal patterns emerged, but a bearish engulfing signal may be developing.

BENQI/Tether (QIUSDT) opened at $0.00482 on 2025-11-02 at 12:00 ET, reached a high of $0.00495, and closed at $0.00455 as of 12:00 ET on 2025-11-03. The 24-hour trading period saw a total volume of 14,118,952.00 QI and a notional turnover of approximately $66,194.73. The price action appears to be in a corrective phase after a sharp intraday peak.

Structure & Formations

Price moved within a tight range during the first half of the session before surging to a high of $0.00495 around 00:00 ET. This was followed by a rapid retracement, forming a bearish descending triangle pattern and a potential bearish engulfing candle near the $0.00493–$0.00491 area. The key resistance cluster at $0.00492–$0.00495 failed to hold, and price reversed lower, suggesting short-term bearish pressure. A long upper shadow on the first bearish candle in this move reinforces the idea of rejection at the upper bound of the triangle.

Moving Averages

On the 15-minute chart, the price crossed below both the 20-period and 50-period moving averages during the overnight hours, signaling a weakening in bullish momentum. The daily MA indicators show no immediate support or resistance in the current range, but the 200-day MA is expected to be at $0.00475, which may act as a psychological floor in the coming session. The 50-day MA is currently at $0.00479, suggesting a potential pivot area for a short-covering bounce.

MACD & RSI

The MACD crossed below the signal line in the early hours of the session, aligning with the bearish price action. The RSI climbed above 70 at the peak before dropping sharply to neutral territory, which may indicate a temporary overbought condition and a reversal signal. However, the bearish momentum remains intact as the MACD histogram continues to contract, and the RSI has yet to confirm a bullish rebound.

Bollinger Bands

Bollinger Bands expanded significantly after the price reached the intraday high, indicating a surge in volatility. The closing price of $0.00455 resides just above the 20-period lower band on the 15-minute chart, suggesting that the move lower may not yet be exhausted. Traders may watch for a potential retest of the lower band or a reversal if the price manages to stabilize above $0.00455 in the next session.

Volume & Turnover

Volume was relatively muted in the first half of the session but spiked during the bearish reversal phase, particularly in the 00:00–01:00 ET block. This suggests that the move lower was driven by institutional or large-capacity players. However, the total turnover of $66,194.73 is relatively low for a larger token, which may indicate limited participation. The volume and turnover appear to confirm the bearish reversal, but a lack of conviction may limit the downside.

Fibonacci Retracements

Applying Fibonacci retracement to the intraday $0.00482–$0.00495 move, the 61.8% level is at $0.00487, which was tested and rejected. The 38.2% level at $0.00488 was briefly retested, but the price failed to hold and continued lower. A further test of the 23.6% level at $0.00486 could occur, but the overall structure suggests a continuation lower toward the 0% level at $0.00482. On a daily basis, the 61.8% retracement of the previous week’s rally may be near $0.00475, providing potential support.

Backtest Hypothesis

A potential backtest strategy for QIUSDT could involve identifying "Bearish Engulfing" candlestick patterns and entering short positions with a stop-loss just above the engulfing high and a target aligned with Fibonacci or moving average levels. However, the current data issue—where the data provider cannot locate the asset—must be resolved for accurate historical signal capture. Once the correct ticker symbol is confirmed (e.g., QI-USDT on Binance or another exchange), the backtest can be executed to evaluate the signal's predictive power from 2022-01-01 through 2025-11-03.