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

• QIUSDT traded in a tight range between 0.00528 and 0.00549, with a bearish close near 0.00532.
• Key support appears near 0.00533, with a potential resistance at 0.00542 after early rally.
• Volatility picked up during the early hours of 24 October but faded as the day progressed.
• Turnover and volume were elevated during the 04:00–06:00 ET window, signaling increased interest.
• The price failed to maintain key levels above 0.00542, suggesting bearish momentum.

Market Overview

BENQI/Tether (QIUSDT) opened at 0.00535 on 23 October at 12:00 ET and reached a high of 0.00549 on 24 October at 05:45 ET. The price closed at 0.00532 by 12:00 ET on 24 October. Total traded volume for the 24-hour period was 10,084,307.0, with total turnover at approximately $53,634. The pair remained range-bound throughout the session, with a bearish bias in the final hours.

Structure & Formations

QIUSDT’s price action over the past 24 hours reflected a consolidation pattern following a sharp mid-session rally. A significant high of 0.00549 at 05:45 ET acted as a temporary ceiling. On the hourly chart, a bearish engulfing pattern formed at the close of the 12:00 ET candle on 24 October, signaling potential bearish continuation. A key support zone appears to form around 0.00533, while resistance is likely to hold at 0.00542–0.00545.

Moving Averages

On the 15-minute chart, the 20-period MA remained above the 50-period MA, suggesting short-term bullish momentum during the early part of the session. However, by the close of the 24-hour period, the 50-period MA crossed below the 20-period MA, indicating a potential bearish crossover. On the daily chart, QIUSDT is trading below its 50, 100, and 200-period MAs, reinforcing a medium-term bearish bias.

MACD & RSI

The MACD line turned negative after 07:00 ET, confirming a loss of bullish momentum. RSI, although not directly backtested in this period, likely moved below 50 and into oversold territory after the 13:45 ET candle, reflecting bearish exhaustion. The histogram showed a bearish divergence toward the end of the session, suggesting further downside potential.

Bollinger Bands

Volatility expanded during the early hours of 24 October, as QIUSDT’s price pushed the upper Bollinger Band at 0.00549. However, it quickly retreated back toward the band’s midpoint by 07:00 ET, indicating reduced volatility. Price closed near the lower third of the bands, suggesting bearish pressure. A contraction in the bands may signal a potential breakout in the coming 24 hours.

Volume & Turnover

Volume peaked during the 04:30–06:00 ET window, coinciding with the price reaching its 24-hour high. Turnover was consistent with this volume surge, indicating genuine participation. Later in the session, volume declined sharply, especially after 10:00 ET, suggesting waning interest. A divergence between volume and price is visible after the 05:00 ET high, as volume waned despite the price testing previous resistance levels.

Fibonacci Retracements

Applying Fibonacci retracements to the 0.00528–0.00549 swing, the 61.8% level resides at approximately 0.00537. The price briefly tested this level before retreating, suggesting it could serve as a potential support or resistance in the near term. The 38.2% level at 0.00539 appears to be a minor resistance on the way up, while a break below 0.00533 would confirm the 78.6% retracement as a new key support.

Backtest Hypothesis

Given the observed bearish patterns and RSI divergence, a potential backtesting strategy could utilize a 14-period RSI with standard overbought (>70) and oversold (<30) thresholds. Traders may look to go short when RSI crosses above 70 and exit when it falls below 50, or vice versa for longs. Incorporating a 50-period MA as a confirmation filter and a 10% stop-loss rule could help mitigate false signals and enhance risk control. A backtest on historical QIUSDT data using these parameters would clarify the strategy’s robustness.