BENQI (QIUSDT) Market Overview

BENQI (QIUSDT) closed at 0.00696 on July 16 at 12:00 ET, after opening at 0.00666. The 24-hour range extended from 0.00666 (low) to 0.00707 (high), with total volume of ~21.4 million QIU and turnover of ~95,000 USD.

Market Summary

• Price breached resistance at 0.0070, hitting a 24-hour high of 0.00707, but faces potential selling near this level.
• A bullish engulfing pattern formed at 0.00692–0.00696, signaling momentum recovery after minor pullbacks.
• Volume surged by 800% during the final 2-hour rally (0.00695–0.00707), confirming breakout credibility.

Technical Analysis

Structure & Formations:
- Resistance clusters at 0.0070–0.00707 (recent highs) and 0.00698–0.00701 (Bollinger Upper Band).
- Key support lies at 0.00685 (38.2% Fibonacci retracement) and 0.00673 (July 15 low).
- A descending flag pattern emerged between 0.00695–0.00700, suggesting a potential bearish continuation.

Moving Averages:
- The 20-period MA (15-minute) crossed above the 50-period MA at 0.0069, signaling short-term bullish momentum.
- Daily 50/100-period MAs are flat around 0.00688, offering medium-term support.

MACD & RSI:
- MACD line is above the signal line in positive territory, with a narrowing divergence suggesting slowing momentum.
- RSI holds near 68–70, nearing overbought territory but not yet extreme, leaving room for further gains.

Bollinger Bands:
- Upper bands expanded to 0.00707, reflecting volatility spikes during the rally.
- Price sits near the upper band, increasing the likelihood of mean reversion toward the 20-period MA (~0.00693).

Volume & Turnover:
- A volume surge (3.56 million QIU) coincided with the 0.00707 high, aligning with price action.
- Turnover spiked to ~1.05 million USD during the rally, but dipped post-peak, hinting at exhaustion.

Fibonacci Retracements:
- A 61.8% retracement of the 0.00666–0.00707 swing maps to 0.00685, a critical short-term support pivot.

Risk Outlook

BENQI may test 0.0071 resistance in the next 24 hours if momentum holds, but overbought conditions and flag pattern dynamics raise the risk of a pullback toward 0.0069–0.00685. Traders should monitor volume contraction or bearish divergence for reversals.

Caveat: Volatility remains elevated near resistance; profit-taking could trigger a 3–5% retracement.