Market Overview for IQ/Tether (IQUSDT) – October 24, 2025

• IQ/Tether traded in a narrow range overnight before surging in early morning ET to hit a 24-hour high of $0.002389.
• Volume spiked sharply in the 12:45 ET session, confirming bullish momentum as price tested key resistance levels.
• The RSI moved into overbought territory late morning, suggesting potential for consolidation or pullback ahead.
• A bullish engulfing pattern formed at 06:45 ET, aligning with a break above the 50-period moving average.
• Volatility expanded after 05:00 ET, with price widening its distance from the upper Bollinger Band toward the end of the session.

IQ/Tether (IQUSDT) opened at $0.002336 on October 23 at 12:00 ET, reaching a high of $0.002389 and a low of $0.002316 before closing at $0.002349 by 12:00 ET the following day. Total volume for the 24-hour window was 10,078,855. Total turnover was $23,742.75. The price action reflected a breakout attempt with strong volume and price confirmation.

Structure & Formations

Price action revealed a key support zone between $0.002335 and $0.002341, which held multiple times during the session. A strong bullish engulfing pattern formed around 06:45 ET as IQUSDT surged past its previous candle’s range, confirming a reversal in sentiment. The asset also showed signs of a consolidation phase after hitting overbought RSI levels, with a doji forming near the upper Bollinger Band at 11:45 ET. These formations suggest traders were testing resistance and awaiting a potential breakout.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in favor of the bulls around 05:30 ET, reinforcing a bullish bias. Price stayed above the 50-period line for most of the session, indicating positive momentum. On the daily chart, IQUSDT remains below the 100- and 200-period moving averages, which could act as barriers to further upward progress.

MACD & RSI

The MACD crossed into positive territory at 06:15 ET and maintained a strong bullish signal until midday. A Golden Cross between the MACD and signal line at 05:30 ET added technical weight to the breakout. RSI peaked above 70 at 12:45 ET, suggesting overbought conditions and a possible short-term pullback. However, the divergence between rising price and flattening RSI suggests caution, as overbought conditions may not immediately reverse.

Bollinger Bands

Volatility expanded after 05:00 ET, pushing IQUSDT closer to the upper Bollinger Band. Price remained within the band boundaries for most of the session, but a brief test of the upper channel at 12:45 ET indicated increased buying pressure. The width of the bands widened significantly during the morning surge, suggesting heightened market participation and speculative activity.

Volume & Turnover

Volume spiked above 3 million contracts at 12:45 ET, aligning with the price’s push to the session high. This spike in volume acted as a confirmation of the breakout attempt. However, turnover diverged from price toward the end of the session, as volume declined while price remained near the upper end of the range. This could signal weakening conviction among buyers.

Fibonacci Retracements

Applying Fibonacci retracements to the overnight swing (low at $0.002316 and high at $0.002389), price found support at the 38.2% and 61.8% levels during its consolidation phase. These levels were tested twice, with the 61.8% level acting as a potential trigger for further upside. The 78.6% extension marks a critical resistance area ahead.

Backtest Hypothesis

Given the recent Golden Cross on the 15-minute MACD and the bullish engulfing pattern observed, a potential backtest strategy could focus on capturing short-term momentum in IQUSDT. Using a Golden Cross trigger, trades could be opened at the close of the candle when the MACD line crosses above the signal line, with a target of holding for three trading days and closing at the end of the third. This approach would benefit from the current strong volume confirmation and could be refined by adding a stop-loss at the nearest Fibonacci support level or the lower Bollinger Band. For a broader strategy test, IQUSDT could be paired with other small-cap Tether pairs to assess consistency across similar conditions.