BENQI/Tether (QIUSDT) Market Overview

• BENQI/Tether (QIUSDT) rose to a 24-hour high of 0.00627 before retreating to 0.00618, showing a volatile rally from 0.00574.
• Momentum accelerated during early ET hours with a 5.4% price jump, confirmed by rising volume and RSI above neutral.
• Volatility expanded as price oscillated within Bollinger Bands, with 21% of the daily range occurring in the final 3 hours.
• Notional turnover reached $5.7 million, with most trading concentrated in 05:00–11:00 ET, and a divergence between volume and price in the final 2 hours.
• Key resistance appears near 0.00627, with support likely at 0.00609–0.00613 based on Fibonacci and consolidation patterns.

BENQI/Tether (QIUSDT) opened at 0.00579 on 2025-10-12 at 12:00 ET and closed at 0.00618 on 2025-10-13 at the same time, reaching a high of 0.00627 and a low of 0.00574. Total volume for the 24-hour period was 39,112,998.0, with a notional turnover of approximately $24,300,000. The pair displayed a sharp, volatile rally from 18:00 to 09:45 ET, followed by a consolidation phase that ended with a bullish reversal in the final candle.

Structure & Formations

Price formed a distinct bullish continuation pattern from 0.00574 to 0.00627, with key resistance levels emerging at 0.00617 and 0.00627, and support at 0.00609–0.00613. A bullish engulfing pattern appeared on the 05:00–05:15 ET candle, signaling a potential reversal after a brief pullback. However, no clear reversal pattern was observed on the final candle; rather, price showed a tight consolidation before a modest push higher.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages trended upward in the second half of the day, with the 20SMA crossing above the 50SMA at 04:30 ET, forming a golden cross. Daily moving averages (50/100/200) are not included in this dataset but likely trended upward given the rally over recent days. The 20SMA currently sits at 0.00613, providing a dynamic support line.

MACD & RSI

The MACD crossed above the signal line at 03:00 ET and remained positive for most of the day, confirming sustained bullish momentum. RSI surged from 50 to 71 by 06:45 ET, indicating overbought conditions, though price continued higher before pulling back. RSI has since retreated to 62, suggesting caution ahead. Momentum appears to be slowing as MACD begins to flatten and RSI approaches neutral levels.

Bollinger Bands

Volatility expanded significantly as price moved from the lower band at 0.0058–0.0059 to the upper band at 0.00619–0.00627. Price spent much of the day near the upper band, indicating strong demand. A narrowing of the bands occurred during the 01:00–03:00 ET period, suggesting a potential consolidation ahead of the break higher. Price remains within the bands but is approaching the upper edge, hinting at potential resistance.

Volume & Turnover

Volume surged to 4.75 million at 09:45 ET and again to 4.7 million at 11:45 ET, coinciding with price peaks. Notional turnover reached a high of $290,000 at 07:30 ET, driven by a large candle that closed at 0.00619. A divergence was observed in the final 3 hours, where price remained steady while volume and turnover declined, suggesting reduced conviction among traders.

Fibonacci Retracements

Applying Fibonacci to the 0.00574–0.00627 swing, key levels at 0.00609 (61.8%) and 0.00613 (78.6%) were confirmed as support and consolidation zones. The 78.6% level held as price tested it in the final hour, suggesting short-term buyers are active. A break below 0.00609 would trigger a test of the 50% level at 0.00599, which has historically been a psychological floor.

Backtest Hypothesis

Given the current overbought RSI and tightening Bollinger Bands, a short-term bearish bias may develop. A potential backtesting strategy could involve shorting QIUSDT when RSI exceeds 70 (overbought), with a stop-loss placed above the 20-period moving average. This aligns with the observed RSI divergence in the final hours and the flattening MACD line. A close below 0.00613 would confirm the bearish signal, while a retest of 0.00627 would validate the strength of the upper Bollinger Band as a resistance.