Market Overview for BENQI/Tether (QIUSDT) on 2025-10-07

• BENQI/Tether (QIUSDT) closed lower at 0.00821, down from 0.00827, amid heavy late-day selling pressure and a 24-hour volume of 49,876,122.
• The pair tested and failed to hold 0.00824, with a bearish engulfing pattern forming near 0.00832.
• Volatility expanded during the day with a 57-basis-point range (0.0082 to 0.00828), suggesting potential for further directional bias.
• Momentum indicators turned bearish, with RSI dipping into oversold territory and MACD crossing below zero.
• Volume spiked in the final 6 hours, confirming bearish sentiment and suggesting short-term bear continuation is likely.

BENQI/Tether (QIUSDT) opened at 0.00827 on October 6, 2025, and traded as high as 0.00836 before closing at 0.00821 on October 7 at 12:00 ET. The 24-hour session saw a volume of 49,876,122 and a turnover of $413,811. Price action displayed a clear bearish bias, particularly after 20:00 ET, with a breakdown below key support levels and a confirmed bearish reversal pattern.

Structure & Formations

Price action revealed a series of bearish setups. A bearish engulfing pattern developed at 0.00832, which preceded a breakdown below the 0.00825 psychological level. The low at 0.0082 represents a fresh 24-hour low and could now serve as a short-term support. A doji candle formed near 0.00825 around 03:00 ET, indicating indecision, but this was quickly invalidated by the subsequent bearish continuation. The 0.00824 level was breached in the early morning, confirming a breakdown in momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages (20/50 MA) both trended downward, indicating a bearish bias. Price stayed below the 50 MA for most of the session. On the daily chart, the 50/100/200 MA lines were all in a descending alignment, supporting the bearish thesis. The 200 MA, currently at 0.00821, could provide a potential floor for the next 24 hours if the trend stalls.

MACD & RSI

The MACD line crossed below the signal line in the early hours of October 7, confirming a bearish divergence. The histogram showed increasing bearish momentum as the session progressed. RSI dipped below 30 by 06:00 ET and stayed in oversold territory for the remainder of the day, indicating a potential short-term rebound could be in play, though the broader trend remains bearish.

Bollinger Bands

Volatility expanded as the upper band reached 0.00836 by 20:00 ET, and the lower band settled near 0.0082. Price spent the final 8 hours of the session near the lower band, suggesting a period of consolidation or exhaustion in bearish momentum. A contraction in volatility could precede a breakout or breakdown depending on the next major catalyst.

Volume & Turnover

Volume spiked in the final 6 hours of the session, especially after 03:00 ET, with a total volume of over 10 million contracts traded between 03:00 and 09:00 ET. This increase in volume coincided with the breakdown below 0.00824 and the subsequent bearish continuation, suggesting strong conviction in the bearish move. Notional turnover rose in tandem, confirming price action rather than diverging from it. The correlation between volume and price decline supports the bearish outlook.

Fibonacci Retracements

Fibonacci retracement levels drawn from the 0.00828 to 0.00836 swing showed that the 0.00832 level corresponds to the 61.8% retracement, which was a failed resistance. The 38.2% retracement at 0.00834 served as a short-term ceiling earlier in the day. On the daily chart, a breakdown below the 0.00824 level could see the 0.00819 and 0.00813 levels become key psychological floors for the next 24 hours.

Backtest Hypothesis

The backtest strategy proposes entering a short position after a confirmed bearish engulfing pattern forms near a key resistance level, with a stop-loss placed above the high of the engulfing candle and a take-profit target set at the 61.8% Fibonacci retracement of the prior bullish swing. This setup aligns with the candlestick formation observed around 0.00832 on October 6, which was followed by a breakdown. The strategy relies on the assumption that such patterns, when confirmed by volume and momentum indicators like MACD and RSI, can effectively capture trend continuation in a bearish environment. Backtesting this approach on historical 15-minute data could provide insights into its robustness in a low-volatility crypto market like QIUSDT.