Market Overview: BENQI/Tether (QIUSDT) – 24-Hour Candlestick Analysis

• QIUSDT saw a 24-hour range of 0.00821–0.01089 and closed higher near the 12:00 ET session high.
• Price broke above a key resistance cluster (~0.0087–0.0089) with strong volume and momentum.
• RSI surged into overbought territory, indicating potential short-term reversal risk.
• A bullish engulfing pattern emerged at the session high, confirming the breakout.
• Volatility expanded sharply during the overnight session, with Bollinger Bands widening significantly.

BENQI/Tether (QIUSDT) opened at 0.00855 on 2025-09-22 12:00 ET and closed at 0.00977 on 2025-09-23 12:00 ET. The 24-hour range extended from a low of 0.00821 to a high of 0.01089. The pair experienced a total trading volume of ~209,064,615.0 USDT and a notional turnover of ~1,941.7 USDT (calculated as volume × price). The price trend shifted from bearish to bullish, with a late-day breakout above prior resistance.

Structure & Formations

Price moved in distinct phases, breaking below 0.0085 during the early afternoon before rebounding strongly overnight. A bullish engulfing pattern at the session high (~0.0103–0.0106) confirmed the breakout. A key support level at 0.00853–0.00855 held early in the session, while the 0.0087–0.0089 range, previously a resistance, now appears to be consolidating as a new support. A doji formed near 0.00945 after a strong upward push, indicating a potential pause in momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed above the 0.0087 level, supporting the bullish bias. For the daily chart, the 50/100/200-period moving averages are aligned to the upside, with the 50-period MA crossing above the 100-period MA in the past two sessions. This “bullish crossover” reinforces the continuation of upward momentum.

MACD & RSI

The MACD crossed above the signal line with a strong positive divergence during the overnight hours, confirming the bullish breakout. The RSI surged into overbought territory, peaking above 75 during the early morning, which may signal a near-term pullback. However, the sustained buying pressure suggests the rally could continue, with RSI at 65 as a potential support zone to watch.

Bollinger Bands

Volatility expanded significantly during the breakout, with Bollinger Bands widening from ~0.0003 to ~0.00135. Price closed near the upper band at 0.00977, indicating strong bullish momentum. A contraction phase may follow after the expansion, offering potential entry points for short-term traders. The current width of the bands suggests the market is in a high-volatility phase.

Volume & Turnover

Volume spiked sharply during the breakout between 04:00 and 06:00 ET, with the 05:45 candle alone seeing ~6.9 million USDT traded. This confirms the strength of the upward move. Notional turnover also increased, aligning with the price action. A divergence appears after the 10:45 candle, with volume dipping despite higher prices, which could indicate weakening momentum.

Fibonacci Retracements

Applying Fibonacci retracement levels to the overnight swing (0.0083–0.01089), the 61.8% retracement level is around 0.0095, where price found temporary resistance. The 38.2% level (~0.0092) acted as support earlier in the day. A key Fibonacci confluence is forming at 0.0095–0.0097, which could determine whether the rally consolidates or continues upward.

Backtest Hypothesis

A potential backtesting strategy could involve using the 15-minute 20-period MA and RSI as entry and exit triggers. A buy signal could be generated when price crosses above the 20-period MA and RSI crosses above 50, with a stop-loss placed below the 50-period MA. A sell signal might be triggered when RSI exceeds 70 or when price closes below the 20-period MA. This strategy would be most effective in trending environments like the current one but may underperform during consolidation phases or sharp reversals.