Market Overview for BENQI/Tether (QIUSDT): October 12, 2025

• Price opened at $0.00579 and closed at $0.00584 with a high of $0.00585 and low of $0.00561.
• Momentum picked up in the final hours, ending on a bullish note with a 0.88% increase.
• Volatility expanded from midday onward, with price testing both 0.00565 and 0.00585 as support and resistance.
• Volume surged to $5.6M at the close, confirming a potential reversal after a midday selloff.
• RSI hit oversold territory at 26, followed by a strong rebound, signaling potential short-term strength.

BENQI/Tether (QIUSDT) opened at $0.00579 on October 11 at 12:00 ET and closed at $0.00584 on October 12 at the same time. The 24-hour range spanned from a low of $0.00561 to a high of $0.00585. Total trading volume reached approximately 28.3 million QI, while notional turnover was $160,000. Price action showed a late-day reversal after a prolonged bearish trend, with momentum indicators reflecting a shift in sentiment.

Structure & Formations

The chart exhibited a bearish bias from 16:00 to 21:00 ET, with a bearish engulfing pattern forming as the price moved from $0.00585 to $0.00542. A key support level emerged at $0.00542–$0.00545, which the price bounced off multiple times. A bullish hammer formation appeared at 03:45 ET, signaling potential bottoming. A small bearish doji at 06:00 ET hinted at indecision, but a follow-up bullish harami pattern at 06:45 ET reversed the trend decisively. Resistance levels at $0.00565, $0.00575, and $0.00585 appeared to anchor price action.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed above the 50-period line late in the session, confirming a short-term bullish crossover. On the daily chart, the 50-period MA at $0.00574 suggested a potential floor for the pair. The 200-period MA at $0.00580 indicated a longer-term equilibrium point. Price closed above the 50-period MA and appears to be testing the 200-period MA as support.

MACD & RSI

The MACD turned positive in the final four hours of the session, with a bullish crossover occurring at 09:30 ET and a growing histogram from 10:00 to 15:00 ET. RSI bottomed at 26 at 04:00 ET, confirming oversold conditions, and climbed to 54 by the close. The indicator showed moderate momentum, with no signs of overbought territory. This suggests that the upward move could continue but may lack strong conviction for a breakout above $0.00585.

Bollinger Bands

Volatility expanded throughout the session, with the bands widening from a contraction seen at 16:00 to 19:00 ET. Price spent much of the session near the lower band, testing $0.00542 as a floor. A sharp rebound toward the middle band occurred after 03:00 ET, suggesting a recovery in volatility. By the close, the price was trading near the upper band again, indicating a potential overextension that may lead to a consolidation phase.

Volume & Turnover

Volume spiked at key reversal points, particularly after 03:00 ET and again after 09:00 ET, reaching $5.6M in the last 15-minute candle. This volume surge correlated with price action and confirmed the strength of the bullish reversal. Notional turnover increased in line with price direction, with no divergences observed. High turnover at $0.00584 suggests accumulation activity by longs ahead of potential resistance.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing (from $0.00542 to $0.00585), key levels at 38.2% ($0.00566) and 61.8% ($0.00577) appear to have acted as psychological barriers. On the daily chart, retracement levels from the previous week’s swing are at $0.00563 (38.2%) and $0.00578 (61.8%), aligning with current support and resistance levels. This suggests traders are using these levels as decision points.

Backtest Hypothesis

The provided backtesting strategy involves entering a long position on a bullish engulfing pattern, confirming with a 20/50 MA crossover and RSI above 40, with a stop-loss placed at the recent swing low. Exit triggers include a bearish divergence in RSI, a breakdown below the 20 MA, or a 2% profit target. Given the recent action, this strategy would have captured the late-day reversal with a high win probability, provided it was entered during the 03:45–04:15 ET window when the bullish signal formed.