BENQI/Tether Market Overview for 2025-11-08

Summary
• Price rose 1.22% over the past 24 hours, reaching a high of $0.00478.
• Key support appears at $0.00461, with resistance forming near $0.00476.
• Strong volume observed mid-day, with price consolidating near the 24-hour high.

BENQI/Tether (QIUSDT) opened at $0.00455 on 2025-11-07 at 12:00 ET and closed at $0.00464 on 2025-11-08 at 12:00 ET, reaching a high of $0.00478 and a low of $0.00451. Total trading volume for the 24-hour period was 18.9 million QI, with a notional turnover of approximately $88,200. The price shows a slight upward bias, supported by rising volume in the afternoon.

Structure & Formations

The 15-minute chart shows a strong bullish bias after 18:00 ET, with a series of higher highs and higher lows pushing the price toward $0.00478. Key support levels are seen at $0.00461 and $0.00456, while resistance is forming near $0.00476 and $0.00478. Notable patterns include a bullish engulfing formation near $0.00474 and a small doji at the end of the day, suggesting potential consolidation ahead.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both sloping upwards, reinforcing the bullish bias. The 20 SMA is currently at $0.00468, while the 50 SMA sits at $0.00465, indicating price is above both and pointing to short-term momentum. On a daily basis, the 50/100/200 SMAs are expected to show a similar structure, with price holding above the 50 and 100-day averages.

MACD & RSI

MACD is positive and rising, confirming the upward move, with the signal line trailing closely behind. RSI is at 56, indicating moderate momentum without overbought conditions. While RSI has not crossed into overbought territory, it is showing early signs of strength, particularly between 18:00 and 21:00 ET when volume spiked.

Bollinger Bands

Price has remained in the upper half of the Bollinger Bands for most of the day, suggesting increased volatility and a bullish trend. The bands themselves have widened since midday, aligning with the higher volume and price movement. The closing candle sits just below the upper band, indicating a possible short-term reversal or consolidation phase.

Volume & Turnover

Trading volume spiked significantly between 18:00 and 21:00 ET, reaching 3.5 million QI in a single candle. This aligns with the price’s push toward $0.00478 and suggests accumulation. Turnover also spiked during this period, confirming the price action. However, volume has dropped off in the last few hours, hinting at a potential pullback or sideways consolidation.

Fibonacci Retracements

Applying Fibonacci to the recent low of $0.00451 and high of $0.00478, key levels are at 38.2% ($0.00465) and 61.8% ($0.00469). The price has tested both levels with some rejections, especially at 61.8%. This suggests that further upside may face resistance at or above $0.00469, while a breakdown below 38.2% could bring in support.

Backtest Hypothesis

To test potential profitability in this setup, I attempted to locate historical Bullish Engulfing patterns on QIUSDT. However, the data service was unable to validate the asset or symbol due to insufficient information. To proceed with a meaningful backtest, confirmation of either the exact exchange-specific symbol, or a list of Bullish Engulfing dates for this pair, is needed. Once confirmed, the strategy can be backtested for entry and exit signals. Given the strong volume and pattern consistency in the 15-minute chart, this could be a viable candidate for further testing.