Market Overview: BENQI/QIUSDT – Bullish Consolidation with High Volatility

• BENQI/QIUSDT traded in a bullish consolidation pattern, forming a 0.00755–0.0082 range with strong volume on the upside.
• Price broke above key resistance at 0.0079 and extended to 0.0082, supported by increasing volume and positive momentum.
• RSI and MACD show moderate bullish momentum, but signs of overbought conditions near 0.0082 may trigger short-term pullbacks.
• Volatility expanded significantly during the 19:00–21:00 ET window, indicating increased interest and speculative activity.
• Fibonacci levels suggest 0.00785–0.00815 as likely near-term consolidation zones ahead of a potential breakout.

BENQI/QIUSDT opened at 0.00757 and closed at 0.00817 within the 24-hour period, reaching a high of 0.00826 and a low of 0.00755. Total volume was 84,416,724.0, with a notional turnover of $672,600. The price action reflects strong buyer interest and a bullish breakout from the 0.0079 level.

Structure & Formations

The 15-minute chart shows a bullish consolidation pattern with a key support level at 0.00755 and resistance at 0.0079. A strong bullish engulfing pattern formed around 19:30–20:00 ET, followed by a continuation of upward momentum. The price then broke above 0.0080, reaching a 24-hour high of 0.00826. A doji at 0.00826 suggests potential indecision or profit-taking at the top of the range.

Moving Averages

On the 15-minute chart, the price closed above both the 20 and 50-period moving averages, indicating a bullish bias. On the daily chart, the 50, 100, and 200-period moving averages appear to be converging, suggesting a possible continuation of the bullish trend if the price stays above the 50-period MA.

MACD & RSI

The MACD line turned positive around 19:30 ET and remained bullish for most of the session, with a strong signal line crossover indicating growing momentum. The RSI reached overbought territory (above 70) near the 0.00826 level, suggesting a potential pullback or consolidation. A move below 0.0080 could see RSI re-enter neutral territory, indicating a possible short-term correction.

Bollinger Bands

Volatility expanded significantly between 19:00 and 21:00 ET, with the upper band reaching 0.00826. The price closed near the upper band, indicating strong buying pressure. A contraction in the bands is expected if the price consolidates between 0.00785 and 0.00815, which could precede a new breakout.

Volume & Turnover

Volume spiked during the 19:30–21:00 ET window, coinciding with the price breakout above 0.0080. The highest single 15-minute volume was 7.5 million, with a turnover of $59,625. Notional turnover increased in line with price gains, confirming the bullish move. However, a divergence between volume and price could signal a near-term reversal if the volume fails to confirm further gains.

Fibonacci Retracements

On the 15-minute chart, the 38.2% and 61.8% retracement levels of the 0.00755–0.00826 move are at 0.00782 and 0.00803, respectively. The price has spent significant time near these levels, suggesting they may act as temporary support/resistance. On the daily chart, the 0.0079–0.0082 move aligns with key Fibonacci levels that may offer directional clues for the next 24 hours.

BENQI/QIUSDT appears to be consolidating within a bullish range, supported by strong volume and positive momentum. The next 24 hours may see a test of the 0.00826 level, with a potential pullback to 0.0080–0.0081 expected if overbought conditions correct. Investors should remain cautious of short-term volatility and potential profit-taking at key resistance.