Market Overview for BENQI/Tether (QIUSDT) – 2025-09-26

• Price declined from 0.00834 to 0.00786 over the past 24 hours on increased volume.
• Volume spiked during early evening ET, confirming bearish momentum.
• RSI and MACD indicate oversold conditions, but trend remains bearish.
• Bollinger Bands show price near the lower band, reflecting high volatility.
• Key support appears at 0.00775–0.00780, with 0.00800 as a near-term resistance.

BENQI/Tether (QIUSDT) opened at 0.00834 on 2025-09-25 at 12:00 ET and closed at 0.00786 on 2025-09-26 at 12:00 ET, with a high of 0.00836 and a low of 0.00771. Total volume reached 60.9 million, and notional turnover amounted to approximately $490,853. The asset displayed a clear bearish trend with extended bearish momentum in the late evening and overnight sessions.

Structure & Formations

Price has formed a series of lower highs and lower lows, forming a descending channel. A bearish engulfing pattern was observed in the 15-minute timeframe around 08:00 ET, confirming the continuation of the downtrend. A doji formed near 0.00780, indicating indecision, while the recent low of 0.00771 may mark a short-term support level.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both below the current price, reinforcing the bearish trend. On the daily timeframe, the 50-period MA is above the 100-period and 200-period MAs, signaling a potential short-term reversal could occur if buyers re-enter the market.

MACD & RSI

The MACD line has remained below the signal line for most of the 24-hour period, reflecting consistent bearish momentum. RSI reached oversold territory near 30, suggesting that a short-term bounce may be due. However, price failed to close above key resistance levels, maintaining a bearish bias.

Bollinger Bands

Bollinger Bands widened during the early hours of the trading day, indicating increased volatility. Price has spent most of the session near the lower band, which aligns with the oversold RSI readings. A strong close above the mid-band could signal a reversal, but for now, the bearish structure remains intact.

Volume & Turnover

Volume spiked in the early evening and overnight sessions, confirming bearish continuation. Notional turnover aligned closely with volume during these periods, suggesting conviction in the downward movement. However, a divergence in volume and price during the morning hours suggests short-term exhaustion or possible reversal signals.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from 0.00836 to 0.00771, 0.00786 corresponds to the 61.8% retracement level. This level may act as a near-term support or trigger short-covering rallies. For the daily chart, 38.2% of the larger bearish move could offer a potential bounce zone if buyers return.

Backtest Hypothesis

A possible backtest strategy could involve a long position on a bullish breakout above the 61.8% Fibonacci retracement level of 0.00786, with a stop-loss placed just below the 0.00775–0.00780 support zone. Given the current bearish bias, a short-selling strategy may be more appropriate, with entry near 0.00786 and a target at 0.00771. The strategy should consider the volatility and RSI levels to optimize entry and exit points.