Market Overview for BENQI/Tether (QIUSDT) on 2025-11-13

Summary
• Price closed near support after a bearish engulfing pattern.
• Volume increased significantly during the afternoon rebound.
• RSI suggests overbought conditions in the early morning.

BENQI/Tether (QIUSDT) opened at $0.00444 at 12:00 ET–1, peaked at $0.00466, and closed at $0.00449 by 12:00 ET. Total volume reached 18,443,485.0, with notional turnover reflecting a 24-hour range.

Structure & Formations

Price tested key support at $0.00443 and bounced during the afternoon session. A bearish engulfing pattern emerged at 17:00 ET–1, indicating potential bearish momentum. A doji near the low of $0.00431 at 19:15 ET–1 suggests indecision.

Moving Averages

On the 15-minute chart, price crossed below the 20SMA and 50SMA after 19:00 ET–1, reinforcing bearish bias. Daily 50/100/200 SMA levels are not immediately visible but likely align with the $0.00440–$0.00445 range, suggesting short-term consolidation.

MACD & RSI

The MACD line turned negative after 18:00 ET–1, signaling bearish momentum. RSI reached overbought levels above 60 in early morning hours but declined into neutral territory by late afternoon, suggesting a potential reversal.

Bollinger Bands

Volatility expanded after 04:00 ET as price moved outside the upper band, reaching $0.00466. A contraction followed after 09:00 ET, with price consolidating within the bands.

Volume & Turnover

Volume spiked during the afternoon rebound, peaking at 2.6M at 17:00 ET–1. Turnover confirmed the price action with no major divergence, suggesting the move was driven by genuine buying pressure.

Fibonacci Retracements

Key retracements of the morning rally include 38.2% at $0.00451 and 61.8% at $0.00445. The price found initial support at the 61.8% level, suggesting a possible short-term range.

Backtest Hypothesis

The backtesting strategy focused on breakout signals from Bollinger Bands and RSI overbought/oversold levels. A successful backtest implies that the current price behavior aligns with the model’s assumptions—particularly during the morning volatility spike. The interactive report confirms that breakout strategies could yield positive returns in similar market conditions, though caution is advised during consolidation phases.