Market Overview for BENQI/Tether (QIUSDT) on 2025-11-06

Summary

• Price consolidates between 0.00425 and 0.00440 amid mixed momentum.• Volume surges during late morning, but lacks directional conviction.• RSI shows bearish divergence as price climbs higher with weakening momentum.

Market Snapshot

Over the past 24 hours, BENQI/Tether (QIUSDT) opened at 0.00432 at 12:00 ET − 1 and traded as high as 0.00446 before closing at 0.00428 at 12:00 ET. Total volume reached 51.1 million QI, with a notional turnover of approximately $225,000. The pair exhibited moderate volatility with clear consolidation and pullback patterns.

Structure & Formations

Price found key resistance around 0.00440–0.00445 and support at 0.00425–0.00430 over the 24-hour window. A bearish engulfing pattern formed around 00:15 ET and a bullish harami appeared near 02:30 ET, indicating indecision in the market. A doji at 03:30 ET suggests a pause in the upward move, signaling a potential reversal or consolidation.

Moving Averages

On the 15-minute chart, the 20-period MA (0.00434) crossed above the 50-period MA (0.00433), forming a bullish “golden cross,” though this was quickly negated by a drop in price. On the daily chart, the 50-period MA (0.00437) sits above the 100-period MA (0.00436), suggesting a slight bullish bias, but the 200-period MA (0.00438) acts as a key resistance to upside momentum.

MACD & RSI

The 15-minute MACD line crossed below the signal line early in the session, forming a bearish crossover that coincided with a peak in price action, reinforcing a weakening trend. RSI hit overbought levels (75) at 04:30 ET but quickly rolled back below 50, pointing to fading bullish momentum. A bearish divergence emerged in the late session as prices hit higher highs while RSI failed to follow through, suggesting a potential reversal.

Bollinger Bands

Price traded within a tightening Bollinger Band range for most of the session, with a brief expansion during the 04:00–05:00 ET window. A sharp move above the upper band was short-lived and failed to hold, indicating a lack of conviction in the upside. The closing price (0.00428) settled near the lower band, suggesting bearish pressure could continue.

Volume & Turnover

Volume spiked sharply during 00:15–04:30 ET, with the 00:15 candle alone accounting for over 2.9 million QI (nearly 6% of total volume), but failed to drive prices higher. This divergence between volume and price action suggests a potential exhaustion in the bullish move. Turnover also surged during this time, reaching a peak of $13,600 at 04:30 ET, but price action failed to confirm the strength.

Fibonacci Retracements

Key Fibonacci levels for the recent 15-minute move from 0.00432 to 0.00446 include 38.2% at 0.00440 and 61.8% at 0.00438. Price found resistance at the 61.8% level before pulling back. On the daily chart, the 38.2% retracement at 0.00434 appears to offer immediate support, while the 61.8% level at 0.00428 may act as a near-term floor.

Backtest Hypothesis

Given the identified overbought RSI levels and bearish divergences in the last 24 hours, a potential backtesting strategy could involve a one-day-hold approach that triggers long entries when RSI drops below 30 (oversold) and exits when RSI crosses above 70 (overbought). This strategy would aim to capture mean-reversion opportunities. However, the lack of a clear price trend and the presence of high bearish momentum indicators suggest that the pair may remain range-bound in the near term, potentially limiting the effectiveness of such a strategy. Confirming the correct ticker format—such as QIUSDT-Binance or QIUSDT-KuCoin—will be essential to ensure the accuracy of the backtest data.