Market Overview: BENQI/Tether (QIUSDT) 24-Hour Movement

Summary
• Price declined from 0.00319 to 0.00314, forming bearish patterns and testing key support.
• Volume expanded in the late hours, aligning with lower price action and weak momentum.
• RSI and MACD suggest oversold conditions, but bearish divergence persists in momentum.
• Volatility remained compressed within Bollinger Bands, indicating potential for a breakout.
• Fibonacci retracement levels at 0.00313 and 0.00310 may determine near-term direction.

At 12:00 ET–1 on 2025-12-17, BENQI/Tether (QIUSDT) opened at 0.00316, peaked at 0.00320, and closed at 0.00314 on 2025-12-18 at 12:00 ET. The 24-hour range saw a low of 0.00310, with total volume of 41,056,423.0 and notional turnover of $127,105. Price appears to have consolidated below a 20-period 5-minute moving average, with a bearish bias likely to persist if support at 0.00311–0.00310 breaks.

Structure & Formations

Late-session bearish engulfing and long-lower shadowed candles suggest selling pressure. A potential support level emerges at 0.00313–0.00312, where price found temporary respite. A doji at 0.00312 hints at indecision, but the overall trend remains bearish.

Moving Averages and MACD

On the 5-minute chart, the 20-period MA sits at 0.00316, while the 50-period MA is slightly below at 0.00315. The MACD line crossed below the signal line in the late hours, confirming bearish momentum.

RSI and Momentum

Relative Strength Index (RSI) hit oversold territory below 30, yet failed to produce bullish divergences. This suggests weak conviction in the recovery. Momentum appears to be waning, with price failing to retest the 0.00316–0.00319 range multiple times.

Bollinger Bands and Volatility

Price remained within a narrow Bollinger Band range, with volatility contracting into the late hours. The middle band hovered near 0.00314–0.00315, suggesting that a breakout could be imminent.

Volume and Turnover

Volume increased sharply after 22:00 ET, coinciding with the breakdown from 0.00315. Turnover also spiked during this period, confirming the bearish move. However, volume has since moderated, which may indicate exhaustion in the downward move.

Fibonacci Retracements

Recent 5-minute retracements from 0.00320 to 0.00312 align with key levels at 38.2% (0.00316) and 61.8% (0.00313). These levels may act as dynamic barriers to further downside.

While a short-term rebound could occur around 0.00313–0.00314, bearish pressure may continue if the 0.00311–0.00310 range fails to hold. Investors should watch for divergence in RSI or a rejection below 0.00310 as signs of a deeper correction.