Market Overview for BENQI/Tether (QIUSDT) on 2025-10-23

• BENQI/Tether (QIUSDT) tested key support at $0.00527–0.00529, bouncing with bullish momentum after an early dip.
• Price action shows a bearish divergence in volume during the afternoon decline, hinting at potential bearish exhaustion.
• RSI remains within balanced territory, but a narrowing Bollinger Band suggests low volatility ahead of potential direction.
• A Fibonacci 61.8% retracement level at $0.00534 has shown repeated resistance, acting as a short-term ceiling.
• A bullish reversal pattern at $0.00532 in early morning ET suggests potential for a continuation above key psychological levels.

BENQI/Tether (QIUSDT) opened at $0.00536 on 2025-10-22 at 12:00 ET, touched a high of $0.00545, dropped to a low of $0.00514, and closed at $0.00532 by 12:00 ET on 2025-10-23. Total volume for the 24-hour window reached 13.68 million QI, with a notional turnover of approximately $71.53K.

The price action over the past 24 hours has shown a distinct bearish thrust from mid-day on 2025-10-22, pulling back from a high of $0.00545 to a low of $0.00514 within a single candle. This was followed by a strong rebound starting late in the session, forming a potential bullish reversal pattern around the $0.00532 level. On the 15-minute chart, the 20- and 50-period moving averages are beginning to converge upward, suggesting a potential trend shift could be in the making.

Structure & Formations

Key support levels appear to be consolidating at $0.00527–0.00529 and $0.00532, both showing multiple bounces in the past 24 hours. The $0.00534–0.00536 range remains a critical resistance zone, with a bearish Doji forming just below it at $0.00533. A potential engulfing pattern could emerge if bulls push above $0.00536 and maintain control over the next few candles.

Moving Averages

The 20- and 50-period moving averages on the 15-minute chart have shifted slightly upward in the early morning trading session, suggesting a potential short-term bullish tilt. On the daily chart, the 50-period MA is approaching the 100-period MA from below, indicating a possible bullish crossover event in the near term. The 200-period MA remains well above current price levels, acting as a long-term bearish reference.

MACD & RSI

The 15-minute MACD is beginning to show a bullish divergence as the line moves upward from a negative base. The histogram appears to expand modestly in the morning, aligning with the price rebound. The RSI remains in the 45–55 range, suggesting no overbought or oversold conditions. However, RSI may begin to show divergence from price if the current rally loses steam before reaching $0.00536.

Bollinger Bands

Bollinger Bands have tightened significantly in the early morning, suggesting a potential breakout scenario. Price action currently resides near the middle band, with the upper band sitting just above $0.00536. A sustained move above this level could trigger a broader bullish move, expanding the bands and signaling increased volatility.

Volume & Turnover

Volume spiked during the afternoon decline, reaching a high of 2.05 million QI at $0.00514, but has since receded as price rebounded. Turnover remained proportional to volume, suggesting no significant price divergence. However, a bearish divergence in volume during the mid-day pullback suggests weak conviction among short sellers, which could support a continuation of the current bullish trend.

Fibonacci Retracements

A recent 15-minute swing from $0.00514 to $0.00539 has a 61.8% retracement at $0.00534, which has functioned as a key psychological level. On the daily chart, the same retracement level aligns with the 50-period moving average, reinforcing its significance. A break above $0.00536 could see price retest the 78.6% level at $0.00542 within the next 48 hours.

Backtest Hypothesis

Given the potential formation of a bullish reversal pattern and the alignment of key Fibonacci and moving average levels, a backtest strategy could be constructed based on the emergence of a Spinning Top Black candlestick pattern. This pattern typically signals indecision and a potential trend reversal. If confirmed, a long entry could be placed at a stop just below the $0.00532 level, with a target aligned with the 61.8% Fibonacci level at $0.00534. The holding period would be set to three days, with a trailing stop to lock in gains if the trend continues.