Market Overview for BENQI/Tether (QIUSDT) as of 2025-10-08 12:00 ET

• BENQI/Tether traded in a 0.00765–0.00794 range with bearish momentum in the final 8 hours.
• RSI under 30 signaled oversold conditions, while Bollinger Bands tightened before a late expansion.
• On-balance volume spiked at 19:30–20:15 ET, with price failing to confirm bullish breaks above 0.00787.
• Key resistance appears at 0.00787–0.00789; support at 0.00778–0.00779 may hold for next 24 hours.
• Price closed below 20- and 50-period moving averages on the 15-minute chart.

BENQI/Tether (QIUSDT) opened at 0.00783 on 2025-10-07 12:00 ET, reached a high of 0.00794, and closed at 0.00783 on 2025-10-08 12:00 ET, with a low of 0.00765 over the 24-hour period. Total volume amounted to 35,638,048.0, and notional turnover reached $275,417.55 (assuming USD value).

Structure & Formations

The 24-hour period featured a late bearish reversal from a potential double top at 0.00787–0.00789, where price tested resistance twice but failed to break out. A key bearish engulfing pattern appeared at 19:30–20:15 ET, confirming downward bias. A doji at 0.00776 on the 23:45–00:00 candle highlighted a potential short-term support zone. Price retraced approximately 61.8% of the 16:00–19:30 ET bearish swing at 0.00778–0.00779, which may now serve as a key support cluster.

Moving Averages

On the 15-minute chart, the 20- and 50-period moving averages crossed bearishly, with price closing beneath both, suggesting short-term bearish momentum. On the daily chart, the 50-period moving average appears slightly above current price action, with the 200-period line acting as a distant psychological floor. No clear bullish crossover is observed, indicating bearish continuation bias for the next 24 hours.

MACD & RSI

MACD (12,26,9) showed bearish divergence during the 19:30–20:15 ET period, with histogram bars shrinking after a short bullish spike. RSI dipped below 30, entering oversold territory around 0.00776 but failed to generate a strong bullish bounce. This suggests a possible continuation of the current bearish trend rather than a reversal. Negative momentum remains intact, with RSI hovering near 38 as of 12:00 ET.

Bollinger Bands

Bollinger Bands tightened significantly from 01:30–03:30 ET, signaling a contraction in volatility. Price broke out of the lower band at 0.00765 at 03:45 ET, followed by a sharp expansion in band width as volatility surged. Current price action resides near the mid-band on the 15-minute chart, suggesting a potential consolidation phase ahead. A retest of the lower band at 0.00765 is likely in the near term.

Volume & Turnover

Volume spiked to 1,856,577.0 at 03:45 ET and again to 2,369,975.0 at 05:15 ET, coinciding with bearish price breaks below key support levels. Notional turnover increased by ~32% during these periods, indicating strong conviction in the bearish move. However, price failed to make higher highs despite rising volume, hinting at weak follow-through. This divergence may suggest caution in assuming a short-term bottom.

Fibonacci Retracements

Applying Fibonacci to the 16:00–19:30 ET bearish swing (0.00789–0.00776), the 61.8% level at 0.00779 coincided with the 23:45–00:00 candle’s low and is now acting as a key support. A rebound above 0.00787 (38.2% retracement) would signal short-term bullish potential but would likely remain constrained by the 0.00787–0.00789 resistance cluster.

Backtest Hypothesis

Given the current bearish structure and RSI in oversold territory, a potential mean-reversion strategy could be tested. A long entry could be triggered on a close above the 0.00779 support level with volume confirmation above 500,000, targeting a 0.00787 resistance and a stop-loss at 0.00774. This approach leverages a low RSI and Fibonacci support level, which appear to have strong historical relevance in similar market structures. Backtesting would help validate the probability of a short-term bounce.