Market Overview for BENQI/Tether on 2026-01-19

Summary
• QIUSDT tested support at 0.00340–0.00343 but broke below into a fresh low at 0.00322.
• Volume spiked after 00:00 ET, confirming a bearish breakout below 0.00340.
• RSI reached oversold levels near 25, suggesting potential for short-term buying interest.

BENQI/Tether (QIUSDT) opened at 0.00349 on 2026-01-18 at 12:00 ET, reached a high of 0.00350, a low of 0.00310, and closed at 0.00312 on 2026-01-19 at 12:00 ET. Total volume traded over 24 hours was 53.1 million, with notional turnover of 162,699.

Structure & Formations

Price action showed a bearish breakdown from the 0.00340–0.00343 consolidation zone, with a 5-minute bearish engulfing pattern forming near the close of the 23:30 candle. The 0.00340 level initially appeared resilient but was decisively broken after heavy volume in early morning trading. The 0.00310–0.00312 level appears to be acting as short-term support, with a potential test of 0.00310 expected if momentum continues.

Moving Averages

On the 5-minute chart, the 20- and 50-period EMAs remained above price for most of the session, confirming bearish momentum. The 50-period EMA crossed below the 20-period EMA late in the session, forming a death cross on the short timeframe. Daily EMAs (50/100/200) are all above the current price, reinforcing a longer-term bearish bias.

MACD & RSI

MACD crossed into negative territory early in the morning, with bearish divergence forming between price and momentum. RSI reached oversold levels near 25 during the morning hours, suggesting the potential for a short-term bounce. However, divergence between rising prices and falling RSI suggests a cautious outlook if the pair fails to retest the 0.00315–0.00317 range.

Bollinger Bands

Volatility increased sharply after 00:00 ET, pushing price to the lower Bollinger Band and confirming bearish momentum. The narrowing of bands during the late afternoon suggested a period of consolidation before a sharp move. Price now sits near the lower band, indicating an overextended move that may offer short-term reversal potential.

Volume & Turnover

Volume spiked to over 16 million at 00:00 ET, confirming the breakdown below 0.00340. Notional turnover mirrored the volume increase, with a large block of trades pushing price down to 0.00322. Divergence between falling price and rising volume suggests aggressive selling pressure but could also indicate exhaustion if the price stabilizes near 0.00310.

Fibonacci Retracements

A key Fibonacci level at 0.00331 (61.8% retracement of the 0.00310–0.00350 range) may act as a key retest zone if a bounce occurs. The 0.00315 level (38.2%) may offer initial support in the event of a retracement. A breakdown below 0.00310 would target the next key Fibonacci level at 0.00307.

It appears QIUSDT may continue to test the 0.00310–0.00312 area in the near term, with a potential bounce off this level expected if RSI recovers above 30. However, traders should remain cautious as bearish momentum remains strong, and further downside is likely if volume picks up again.