Market Overview for BENQI/Tether (QIUSDT) – 2025-10-31

• QIUSDT consolidates after sharp selloff, with price stabilizing near 0.00475–0.00485 range.
• Momentum remains weak on RSI, suggesting oversold conditions but no immediate reversal signal.
• Volatility expanded mid-day, with a sharp drop followed by a slow recovery into late hours.
• Volume surged during the 17:45–18:00 ET range, coinciding with the price low.
• No clear reversal patterns yet, but a potential bullish engulfing setup forms near 0.00475.

BENQI/Tether (QIUSDT) opened the 24-hour window at 0.00488 and closed at 0.00498, with a low of 0.00460 and a high of 0.00503. Total volume reached 10,155,456, and notional turnover was $49,785. The market saw a significant bearish move followed by a slow recovery into the early hours of October 31.

On the 15-minute chart, key support appears at 0.00475–0.00485, where price found a floor after a large selloff. The low-volume bearish candle at 0.0046–0.00477 (17:45 ET) marked the intraday low. Resistance is forming around 0.00492–0.00498, where price repeatedly found rejection during the late hours. Notable candlestick patterns include a potential bullish engulfing pattern near the 0.00475 support and a long lower wick on the 12:00 ET close, suggesting short-term indecision.

Bollinger Bands show an expansion in volatility during the selloff, with price temporarily breaking below the lower band. A reversion to the band’s center line followed, indicating a potential short-term consolidation. The 20-period and 50-period moving averages are converging around 0.00487–0.00490, suggesting a possible support zone ahead. The 50-period MA is above the 20-period, signaling a cautious bearish bias.

The RSI indicator reached oversold territory around 27–29 during the selloff but has rebounded into neutral-to-mildly bullish levels. While this may indicate a short-term bottom, it does not confirm a strong reversal yet. MACD remains bearish with a negative histogram, though the divergence between price and momentum could hint at a near-term pause in the downtrend.

Volume surged during the 17:45–18:00 ET window, coinciding with the 0.00460 low. This suggests a strong short-term selloff event, possibly driven by algorithmic liquidation or large orders. Turnover followed the volume pattern, but notional value remained relatively low, suggesting limited participation in the move. Price and volume appear to align in the selloff period, with no clear divergence yet.

Fibonacci retracement levels on the 15-minute swing from 0.00503 to 0.00460 show 0.00485 at the 38.2% level and 0.00475 at the 61.8% level. These levels coincide with key areas of support and resistance, suggesting they could play a role in near-term price action.

Backtest Hypothesis: To evaluate the performance of QIUSDT around key resistance events, we can define a dynamic resistance level as the 20-day high, with the event date being the first daily close that exceeds this level. This approach aligns with the observed price action and volatility seen in the 15-minute data, particularly the late-day push above 0.00498. Using this rule, a backtest from 2022-01-01 to 2025-10-31 would provide insight into how QIUSDT historically reacts to such resistance breaches, particularly in terms of continuation or reversal patterns. The 20-day high offers a flexible yet robust definition of resistance, suitable for short-term trading strategies.