IQUSDT Volatility Peaks as Overbought Signals Mount Near 0.001245

Summary
• Price action shows key resistance near 0.001245 and support near 0.001205 after a volatile 24-hour period.
• RSI indicates overbought conditions in late hours, signaling potential near-term pullback risk.
• Volume and turnover spiked during the Asian session, suggesting increased market participation.
• A bullish engulfing pattern formed near 0.001205, hinting at possible short-term buying interest.
• Bollinger Bands reflect a recent volatility expansion, with price hovering near the upper band during key breaks.

Opening Observations

IQ/Tether (IQUSDT) opened at 0.001222 on February 6, 2026 at 12:00 ET, reached a high of 0.001245 and a low of 0.00119, and closed at 0.001221 on February 7, 2026 at 12:00 ET. Total volume for the 24-hour period was 70,210,130 and notional turnover was 83,858.

Structure & Formations

Price action displayed key resistance near 0.001245, where the RSI hit overbought territory in late hours, and a strong support level near 0.001205, where a bullish engulfing pattern formed. A doji was observed near 0.001228, suggesting indecision after a sharp decline.

Moving Averages and Momentum

On the 5-minute chart, the 20-period and 50-period moving averages crossed in the Asian session, confirming a short-term bullish bias. However, the 50-period moving average on the daily chart appears to act as a key resistance, currently above the 200-period line, suggesting a continuation of a long-term bullish trend.

Bollinger Bands and Volatility

Bollinger Bands reflected a volatility expansion in the Asian and U.S. trading sessions, with price frequently touching the upper band during breakout attempts. A contraction in the pre-market hours may suggest a period of consolidation ahead of a potential move.

Volume and Turnover

Volume and turnover both surged during the Asian session, particularly around 03:15 and 05:30 ET, suggesting strong participation from institutional or algorithmic traders. A divergence between price and volume was observed in the early U.S. session, raising potential caution about the sustainability of the move higher.

Fibonacci Retracements

Fibonacci levels applied to the recent 5-minute swing from 0.00119 to 0.001245 show the 61.8% level at approximately 0.001228, which price briefly tested before retreating. On the daily chart, the 38.2% retracement level at 0.001215 appears to offer a temporary floor.

The market appears to be at a crossroads, with a potential retest of 0.001205 and 0.001245 in focus. Investors should remain cautious as overbought conditions may trigger a short-term correction, particularly if volume fails to confirm a breakout above 0.001245.