Market Overview for BENQI/Tether (QIUSDT) – 2025-12-17

Summary
• Price consolidated between 0.00326 and 0.00332, with multiple failed attempts to break above 0.00332.
• RSI and MACD signaled weakening momentum after a mid-day rally, with overbought conditions easing.
• Bollinger Band contraction observed early, followed by a moderate price expansion later in the session.
• Notional turnover spiked around 19:00–20:00 ET, aligning with price highs, but volume did not confirm strong follow-through.

BENQI/Tether (QIUSDT) opened at 0.00328, reached a high of 0.00333, and a low of 0.00325, closing at 0.00326 by 12:00 ET. Total volume over 24 hours was 16,824,880, with turnover amounting to 5,427.6 Tether.

**

Structure & Formations

Price action formed a narrow trading range for most of the 24-hour period, with the upper boundary at 0.00332 and lower boundary at 0.00326.

A failed bullish engulfing pattern appeared at 19:00 ET as prices briefly pushed above 0.00331 but reversed back down. Several doji were observed in the late ET hours, signaling indecision and potential exhaustion in both buyers and sellers.

**

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages remained in a tight range around the price, reflecting consolidation. On the daily chart, the 50-period and 200-period moving averages showed no clear divergence, with price hovering above the 200SMA, suggesting a neutral to slightly bullish bias.

**

Momentum Indicators

The MACD crossed into positive territory briefly around 19:00 ET following a volume-driven rally, but quickly returned to zero as momentum faded. RSI peaked at 68, indicating a brief overbought condition, but did not sustain above 65, reducing the likelihood of a strong breakout.

**

Volatility & Bollinger Bands

Bollinger Bands experienced a brief contraction in the early morning hours, which is often a precursor to a breakout or breakdown. However, the subsequent price movement remained within the bands, indicating that volatility remained moderate. The 20-period Bollinger Band width showed a slight expansion after 19:00 ET, aligning with increased notional turnover.

**

Volume and Turnover

Volume surged between 19:00 and 21:00 ET, peaking at 1.69M, with corresponding notional turnover of 553.5 Tether. Despite the volume spike, price failed to close above 0.00332, suggesting that the buying pressure was not sustainable. In the final hours of the session, volume dropped significantly, indicating a lack of follow-through from late buyers.

**

Fibonacci Retracements

Applying Fibonacci to the 19:00–20:45 ET rally, price found immediate resistance at the 61.8% retracement level (0.00331) and failed to hold the 50% level (0.00330). This suggests that buyers remain hesitant above key Fibonacci levels. On the daily chart, a 38.2% retracement from a recent high to a low aligns with the 0.00328 level, indicating potential near-term support.

In the next 24 hours, a test of 0.00326 support and a potential retest of 0.00332 resistance could unfold. A failure to break above 0.00332 may lead to further consolidation or a decline into lower support levels. Investors should remain cautious as volatility remains low and directional bias is not yet clear.