Market Overview for BENQI/Tether (QIUSDT) on 2025-10-29

• BENQI/Tether (QIUSDT) closed lower at 0.00535, down from an open of 0.00542, with a 24-hour high of 0.00551 and low of 0.00517.
• Price action shows a bearish bias after a strong intraday dip below key support at 0.00530.
• Volume and turnover spiked during the 20:30–21:00 ET session as price dropped 5.6% in 45 minutes.
• RSI is neutral near 50, but MACD remains bearish with a negative divergence in the latter half of the day.
• Volatility expanded during the 20:00–21:30 ET period, with prices oscillating between Bollinger Band extremes.

Price and Volume Summary

BENQI/Tether (QIUSDT) opened at 0.00542 at 12:00 ET on October 28 and closed at 0.00535 at 12:00 ET on October 29, marking a bearish 1.3% decline over the 24-hour period. The pair reached a high of 0.00551 and a low of 0.00517 during the session. Total traded volume amounted to approximately 78.4 million QIUSDT, while notional turnover reached $432,672. Price action suggests a continuation of bearish momentum from previous sessions, with increasing selling pressure observed in the latter half of the day.

Structure & Formations

Price structure on the 15-minute chart showed a bearish breakdown below the 0.00530 psychological level, followed by a sharp intraday drop to 0.00517. A notable bearish engulfing pattern formed at 20:30 ET, confirming the reversal after a brief consolidation phase. A key support level at 0.00520–0.00525 held briefly but failed to provide lasting stability. A hanging man pattern appeared at 06:30 ET, signaling possible bearish continuation.

Moving Averages and Fibonacci

On the 15-minute chart, price closed below the 20-period and 50-period moving averages, reinforcing bearish bias. Daily MAs (50, 100, 200) are not currently available for the pair, as QIUSDT appears to be a less-traded or newly listed pair. Fibonacci retracement levels from the recent high at 0.00551 and low at 0.00517 indicate 0.00530 as a critical 61.8% retracement level. Price remains below this key threshold.

MACD and RSI

The 15-minute MACD turned negative after 19:00 ET, with a bearish crossover occurring at 20:30 ET during the sharp intraday drop. A negative divergence is visible from 21:30 ET onward, suggesting potential for further downside. RSI remains in neutral territory, hovering near 50, but the slow RSI is trending downward. This suggests that while overbought conditions are not present, momentum is favoring the bears. A move below 45 could signal stronger bearish momentum.

Bollinger Bands and Volatility

Bollinger Bands expanded significantly between 20:00 and 21:30 ET, coinciding with the sharp price drop. Price traded near the lower band during this period, confirming oversold conditions. A contraction in band width occurred between 06:00 and 08:30 ET, suggesting a potential consolidation phase that failed to hold. This implies that volatility remains elevated and that the market is likely to remain in a range-bound or choppy environment in the short term.

Volume and Turnover

Volume spiked during the 20:30–21:00 ET session with a massive trade volume of 1.91 million QIUSDT. This coincided with a 5.6% drop in price from 0.00543 to 0.00535 in 45 minutes, indicating strong bearish participation. Turnover also increased sharply during this time, validating the move. However, volume during the 08:00–09:00 ET session was relatively low despite a 0.5% price drop, suggesting weak conviction. This could hint at a potential short-term reversal or consolidation.

Outlook and Risk

Price appears to be entering a phase of increased bearish pressure, with support levels at 0.00525 and 0.00517 likely to be tested in the next 24 hours. A break below 0.00525 could accelerate the move toward 0.00510–0.00505. Investors should be cautious of the potential for a short-term bounce, particularly if volume declines and RSI drops into oversold territory. A key risk is the potential for a sharp rebound if the 0.00520 support level holds.

Backtest Hypothesis

For a backtest strategy, one could consider a short-biased approach triggered by bearish divergences in the MACD and a close below the 50-period moving average. Entries would be initiated on confirmation of a bearish engulfing pattern or a breakdown below key support levels such as 0.00530. Stops could be placed above the nearest resistance, with a target based on Fibonacci extensions or the previous swing low. This approach would align with the observed price behavior in the 20:30–21:30 ET session, where strong bearish momentum led to a sharp price drop with high volume confirmation.