Market Overview for BENQI/Tether (QIUSDT) – 24-Hour Analysis as of 2025-11-02

• Price declined by 4.5% in the last 24 hours, closing at 0.00485 from 0.00502.
• Volatility increased as Bollinger Bands expanded, signaling a period of uncertainty.
• RSI approached oversold territory late in the session, hinting at potential near-term bounce.
• Turnover surged in the early morning session, reflecting renewed investor activity.
• A bearish breakdown below key 0.005 support level was confirmed intraday.

24-Hour Snapshot and Context

BENQI/Tether (QIUSDT) opened at 0.00502 on 2025-11-01 at 12:00 ET, reached a high of 0.00506, and closed at 0.00485 as of 2025-11-02 at 12:00 ET. The pair experienced a 24-hour range of 0.00485 to 0.00506, with total volume of 26,891,483.0 and turnover of 130.5. The asset appears to be consolidating in a tighter range after a bearish reversal pattern formed late on 2025-11-01.

Structure & Key Levels

A critical support level appears to be forming near 0.00498, where price tested three times, with a break below it signaling a deeper bearish move. Resistance is now seen at 0.00502, which acted as a ceiling during the early part of the session. A notable bearish harami pattern appeared around 2025-11-02 00:45 ET, which may confirm a continuation of the downward bias. A 50-period moving average on the 15-minute chart currently sits at 0.00497, indicating bearish pressure.

Momentum and Volatility Indicators

The RSI dipped below 30 in the late morning hours, suggesting potential oversold conditions. However, a bounce from this level was not strong enough to confirm a reversal, and prices retested the lower Bollinger Band. MACD crossed into negative territory on 2025-11-01, with the histogram expanding through the night, reinforcing the bearish momentum. Volatility increased during the early morning, with Bollinger Bands widening from 0.00004 to 0.00007, suggesting heightened uncertainty and positioning for a larger move.

Volume and Turnover Analysis

Trading activity surged during the early morning session, with the highest 15-minute volume recorded at 1,155,566.0 on 2025-11-02 00:00 ET. However, the price failed to close higher despite the volume spike, indicating bearish conviction. Turnover was concentrated between 00:00 ET and 06:00 ET, with a notable divergence in volume and price during 05:00–06:00 ET, where volume dropped despite a small rebound.

Fibonacci Retracement Implications

On the 15-minute chart, the 61.8% retracement level sits at 0.00497, which was briefly tested but failed to hold. On the daily chart, the 38.2% Fibonacci level at 0.00499 now appears to be the immediate support, with a break below that level potentially targeting 0.00485 as the next key level. A strong rebound above 0.00502 could test the 50% retracement at 0.00505.

Backtest Hypothesis

A backtest targeting the “Bullish Engulfing” candlestick pattern on QIUSDT could provide further clarity on short-term reversal opportunities. However, due to a data provider issue, the pattern detection for this symbol was not possible at the moment. Possible resolutions include confirming the correct ticker symbol (e.g., QI/USDT, QI-USDT), using an alternative data source, or manually importing the OHLC data for pattern identification and signal validation. Once the data is confirmed or corrected, a 3-day holding-period backtest can be initiated to assess the performance of the strategy.