Market Overview: BENQI/Tether (QIUSDT) on 2025-12-08

Summary
• Price surged from 0.00353 to 0.00378, forming bullish engulfing patterns in the morning.
• Volatility expanded through Bollinger Bands, with RSI near overbought territory.
• Turnover spiked during the 08:45–09:00 ET session, confirming the bullish breakout.

BENQI/Tether (QIUSDT) opened at 0.00353 on 2025-12-07 at 12:00 ET, reached a high of 0.00378, a low of 0.00353, and closed at 0.00375 on 2025-12-08 at 12:00 ET. Total volume was 109,060,776 and turnover reached 39.37.

Structure & Formations

Price action showed strong bullish momentum, forming a series of bullish engulfing patterns between 07:30 and 08:30 ET. These patterns indicated a reversal from prior bearish bias. A key resistance level appears to have been broken at 0.00376, with potential support now at 0.00365–0.00368. A morning consolidation phase followed the breakout, forming a consolidation pattern between 0.00375 and 0.00379, suggesting continuation of the upward move in the near term.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages both trended upward, with the price consistently above both lines during the latter half of the session. This confirms a short-term bullish bias. On the daily chart, while the 50-period moving average is not available for the full 24-hour period, the 200-period line appears to sit around 0.00363, placing the current price well above key long-term support.

MACD & RSI

The MACD line remained positive and showed increasing bullish momentum, with the histogram expanding from 12:00 to 09:00 ET. The RSI moved into overbought territory (75–80) during the morning session, indicating short-term exhaustion. A pullback may occur, but the RSI remains above 50, suggesting continuation of the rally is likely in the next 24 hours.

Bollinger Bands

Volatility expanded significantly, with the upper Bollinger Band reaching 0.00379 during the 08:45–09:00 ET window, while the lower band hovered around 0.00365. Price remained near the upper band for extended periods, signaling bullish continuation potential. The bands themselves widened after a period of consolidation, indicating renewed buying pressure and increased market participation.

Volume & Turnover

Volume surged during the breakout phase, particularly between 08:45 and 09:00 ET, with over 2.5 million contracts traded in one 5-minute candle. This confirmed the bullish breakout rather than signaling a washout. Turnover followed a similar pattern, peaking at the same time. Price and turnover remained aligned, with no divergence observed.

Fibonacci Retracements

Applying Fibonacci to the morning swing from 0.00363 to 0.00378, key retracement levels at 0.00372 (38.2%) and 0.00375 (61.8%) were tested and held, with the price closing above both. This suggests that the move from 0.00363 to 0.00378 is likely to continue in the near term, with 0.00382 as the next potential target.

While the 24-hour period showed strong bullish momentum, traders should remain cautious of a potential pullback into the 0.00372–0.00375 range before a new bullish leg could form. A break below 0.00369 may signal a shift in sentiment.