BENQI/Tether (QIUSDT) Market Overview

• Price opened at $0.00624, peaked at $0.00654, and closed at $0.00599 within 24 hours.
• A bearish trend emerged, supported by a breakdown below key resistance at $0.00645.
• High volatility observed in the afternoon, with multiple 15-min candles showing wide ranges.
• Turnover spiked at $0.00646 before consolidating below $0.00620, suggesting bearish conviction.

BENQI/Tether (QIUSDT) opened at $0.00624 on 2025-10-13 and closed at $0.00599 on 2025-10-14, with a high of $0.00654 and a low of $0.00583. Total volume traded over 24 hours was approximately 39.8 million, with a notional turnover of roughly $260,500. The 24-hour price action reflects a clear bearish bias, driven by sustained selling pressure in the evening hours and weak follow-through buying in the morning.

Structure & Formations

Price moved between key psychological levels during the 24-hour window, forming a bearish flag pattern after an initial rally in the afternoon. A rejection at $0.00654 and a breakdown at $0.00645 were significant turning points. A series of bearish engulfing candles in the late evening and early morning suggest strong conviction from sellers. The doji at $0.00646 and the long lower wicks in the $0.00600–$0.00605 range suggest internal indecision and potential short-term support.

Moving Averages

On a 15-minute chart, the 20-EMA and 50-EMA were in a bearish crossover by the time of the evening sell-off, reinforcing the downtrend. On a daily time frame, the 50- and 100-day EMA have not yet diverged significantly, but the 200-day EMA remains a critical level for long-term bears. Price is trading below all three, suggesting a continuation of the bearish bias is likely unless a strong reversal occurs.

MACD & RSI

The 12/26 MACD line turned negative in the late afternoon, aligning with the breakdown in price. The histogram shows a broad divergence between price and momentum, signaling a weakening of the bullish case. RSI values would typically confirm overbought conditions at the peak but oversold conditions at the close. Unfortunately, RSI data is unavailable for this ticker.

Bollinger Bands

Bollinger Bands expanded in the late afternoon, indicating a rise in volatility. Price broke below the lower band at $0.00600 and traded at the band’s edge in the morning, suggesting a possible oversold condition. The narrowing of bands during the overnight hours may foreshadow a consolidation phase or a potential reversal.

Volume & Turnover

The largest 15-min volume spike occurred at $0.00646, with 3.05 million units traded. This was followed by a consolidation phase with decreasing volume, indicating exhausted bullish momentum. Turnover peaked in the same candle and declined afterward, suggesting that sellers were in control during the critical breakdown. No significant divergence between price and volume was observed.

Fibonacci Retracements

Applying Fibonacci levels to the afternoon rally from $0.00626 to $0.00654, the 61.8% retracement level is at $0.00636. Price failed to hold this level and broke down to the 50% level at $0.00640, then the 38.2% level at $0.00645. The breakdown below $0.00645 suggests the 23.6% level at $0.00647 is the next potential resistance if a bounce occurs.

Backtest Hypothesis

Given the lack of RSI data for QIUSDT, we propose to proceed by using a volume-weighted average price (VWAP) and raw OHLC data to simulate a mean-reversion strategy. The backtest would trigger a short position when price breaks below the 15-minute 50-EMA and confirms with a bearish engulfing pattern. A stop-loss would be placed at the 61.8% Fibonacci retracement level. For confirmation, the 20-EMA crossover and a divergence in the MACD histogram would be used. If you can provide the raw price or RSI time series, we can refine the backtest logic further.