Market Overview for BENQI/Tether (QIUSDT): 24-Hour Technical Analysis as of 2025-11-10

• Price consolidates within a tight range of 0.00464–0.00479 as of 12:00 ET.
• Volatility has declined slightly, with a 24-hour volume of 37,232,603.
• Momentum remains mixed with RSI hovering near mid-range and MACD neutral.
• A bullish engulfing pattern emerged at 0.00464, suggesting potential short-term support.
• Turnover peaked twice: in the early morning and early afternoon ET.

BENQI/Tether (QIUSDT) opened at 0.00466 on 2025-11-09 at 12:00 ET and closed at 0.00462 as of 12:00 ET the next day, reaching a high of 0.00479 and a low of 0.00464. The pair traded with a 24-hour volume of 37,232,603 and a notional turnover of $170,762. Price remains within a narrow channel, suggesting consolidation ahead of a potential breakout.

Structure & Formations

Price has been bound within a tight range of 0.00464 to 0.00479 for most of the 24-hour period. A key support level appears to form at 0.00464, reinforced by a bullish engulfing pattern in the late afternoon ET. On the upper side, 0.00475 and 0.00479 have acted as temporary resistance levels, though neither has held firm. A doji formed at 0.00469 in the early morning, indicating indecision after a brief rally.

Moving Averages and Fibonacci

The 20-period and 50-period moving averages on the 15-minute chart are closely aligned, both hovering near 0.00471 to 0.00472. On the daily chart, the 50, 100, and 200-period MAs are also in close proximity, suggesting a potential trendless or sideways phase. Key Fibonacci retracement levels based on the 24-hour swing (0.00464 to 0.00479) include 0.00473 (38.2%) and 0.00468 (61.8%), where price has paused multiple times.

Momentum and Volatility

Relative Strength Index (RSI) has remained between 45 and 55 for much of the session, indicating balanced bullish and bearish momentum. MACD has been neutral, with the histogram fluctuating around the zero line. Bollinger Bands are currently constricting, suggesting a potential breakout is in the works. Price has spent most of the period within the bands, but the upper band sits near 0.00479, a level reached twice in the early morning.

Volume and Turnover

Trading volume spiked twice: once in the early morning (05:00–06:00 ET) and again in the late afternoon (15:00–16:00 ET). Turnover mirrored volume, peaking during the same windows. A divergence between price and volume was noted during the 02:00–03:00 ET window, where price rallied but volume waned—suggesting a weak attempt at a breakout.

Backtest Hypothesis

The provided backtesting strategy could not retrieve price data for QIUSDT due to a potential ticker code mismatch or absence of historical records. Given the recent price behavior and technical indicators—particularly the bullish engulfing pattern at 0.00464 and the constricting Bollinger Bands—it would be worthwhile to backtest a long-bias breakout strategy. This could involve entering a long position when price breaks above the upper Bollinger Band with confirmation from volume expansion or RSI above 50. Conversely, a short bias may be tested if price breaks below the 0.00464 support with bearish divergence in volume or RSI below 40.