Market Overview for BENQI/Tether (QIUSDT)

Summary
• Price drifted lower on waning momentum, with a 12.1% drop from 12:00 ET−1 to 12:00 ET.
• Volume remained elevated during the morning ET sell-off but faded after 05:00 ET.
• A bearish engulfing pattern formed near 0.00386–0.00375, suggesting short-term bearish bias.
• RSI fell into oversold territory below 30, hinting at potential near-term support.
• Bollinger Bands contracted post-20:00 ET, indicating low volatility before a late selloff.

BENQI/Tether (QIUSDT) opened at 0.00381 and closed at 0.00357 after 24 hours, hitting a high of 0.00388 and a low of 0.00354. Total volume amounted to 31,627,126.0, while turnover reached 109,320.8 USDT. Price action showed a bearish tilt driven by late-day selling pressure and a lack of follow-through buying.

Structure & Formations

Price formed a bearish engulfing candle on the 5-minute chart around 00:30 ET as it moved from 0.00373 to 0.00370. This was followed by a deep pullback from 0.00388 to 0.00354, forming a key 61.8% Fibonacci retracement level near 0.00371, which acted as a pivot before the continued decline.

Moving Averages

Short-term momentum, as measured by the 50-period 5-minute SMA, dipped below the 20-period line late in the session, reinforcing the bearish drift. On the daily chart, the price remains below the 50-day and 200-day SMA, indicating a medium-term downtrend.

MACD & RSI

The MACD line crossed below the signal line early in the morning session, reinforcing the bearish bias. RSI dropped below 30 in the early hours of 12:00 ET, entering oversold territory, which may offer near-term support but is unlikely to trigger a strong reversal without a volume surge.

Bollinger Bands

Volatility remained compressed until 20:00 ET, with price action hovering just above the lower band. Following a sharp sell-off, the bands expanded significantly after 02:00 ET, reflecting increased uncertainty and potential for consolidation or a bounce.

Volume & Turnover

Volume peaked during the 19:15–19:30 ET and 20:15–20:30 ET sessions, coinciding with key breakdowns in price. However, volume faded after the morning selloff, suggesting lack of conviction in further downside. Turnover spiked during the late afternoon and early morning, confirming the selling pressure.

Fibonacci Retracements

Key Fibonacci levels from the recent high of 0.00388 to the low of 0.00354 include 38.2% at 0.00372 and 61.8% at 0.00366.

Price bounced briefly near 0.00366 before resuming the decline, suggesting further support could be found at 0.00354 or even lower.

Price may find temporary support near 0.00354 in the coming 24 hours, but without a clear reversal pattern or a strong volume spike, the bias remains to the downside. Investors should watch for a break below 0.00354 as a signal of deeper bearish momentum and consider managing exposure accordingly.