Market Overview for BENQI/Tether USDt (QIUSDT) - 2025-09-06

• Price action remained range-bound with key resistance around 0.00735 and support near 0.00727
• Momentum remained mixed, with RSI oscillating between overbought and oversold levels
• Volatility showed expansion in the late-night session before consolidating
• Bollinger Bands highlighted increased price action near the upper band during late ET hours
• Volume surged after 21:00 ET, confirming a bullish breakout attempt before consolidation

BENQI/Tether USDt (QIUSDT) opened at 0.00724 on 2025-09-05 at 12:00 ET, reached a high of 0.00740, touched a low of 0.00725, and closed at 0.00731 as of 12:00 ET on 2025-09-06. The 24-hour notional volume was approximately $13,186,330 with total turnover of 17,716,512 QIUSDT.

Structure & Formations

Key resistance levels emerged around 0.00735–0.00740, where the price faced several rejections during the early ET hours. Support appears to be consolidating around 0.00727–0.00728, where price found a bottom during the morning and afternoon ET sessions. A notable bullish engulfing pattern formed at 0.00734–0.00738 around 03:00–04:00 ET, signaling short-term strength. However, price failed to break above 0.00738 consistently, indicating the presence of short-term overhead resistance.

Moving Averages

Short-term momentum indicators such as the 20-period and 50-period moving averages on the 15-minute chart showed a bullish crossover around 22:00 ET. Price traded above both moving averages in the late session, suggesting positive momentum. However, the 50-period moving average remained above 0.00730, acting as a dynamic support level. Longer-term indicators, such as the 200-period MA on the daily chart, currently sit above 0.00735, reinforcing the notion of a consolidating range with limited directional bias for now.

MACD & RSI

The MACD histogram showed positive divergence during the late ET hours, coinciding with the bullish engulfing pattern. The RSI moved into overbought territory around 0.00740 but failed to stay above 70 for long, suggesting limited follow-through buying. Conversely, it dipped near 30 during the early morning ET hours, hinting at oversold conditions and potential support. The RSI's inability to sustain above 70 or below 30 for more than a few candles suggests that the market remains in a balance, with neither bulls nor bears holding a decisive edge.

Bollinger Bands

Variability in volatility was evident during the late-night and early-morning ET hours, with the price breaking the upper Bollinger Band at 0.00740. This expansion in volatility coincided with the bullish engulfing pattern and increased volume. However, the price retracted and settled back within the bands by the morning. The middle Bollinger Band hovered around 0.00732–0.00733, suggesting a potential equilibrium point for the next 24 hours. A sustained break above or below the bands could signal a potential trend reversal.

Volume & Turnover

Volume surged between 21:00 and 03:00 ET, with the peak occurring at 21:00 ET (volume of 1.689M QIUSDT), coinciding with the 0.00734–0.00738 bullish engulfing pattern. This increase in volume provided confirmation of a short-term bullish attempt. However, the price failed to maintain above 0.00738, and turnover dipped afterward, suggesting lack of follow-through buying. A divergence between price and volume during the late-morning and afternoon ET hours indicated weakening bullish momentum, with bears stepping in to defend the 0.00727–0.00728 support zone.

Fibonacci Retracements

The 0.00734–0.00727 swing during the morning ET hours showed the 38.2% retracement level at 0.00730 and the 61.8% at 0.00729. Price tested the 61.8% level during the afternoon and evening ET hours, suggesting a potential support area for the next 24 hours. The 0.00734–0.00738 high from the night session saw a 38.2% retracement at 0.00736, where price found resistance and consolidation. These retracement levels may act as dynamic levels of support and resistance in the coming sessions.

Backtest Hypothesis

A backtesting strategy could be designed using the bullish engulfing pattern observed between 03:00 and 04:00 ET, combined with a volume confirmation filter. A long entry could be triggered after the pattern forms and is confirmed by a volume spike above the average 15-minute volume of the prior 4 hours. A stop-loss could be placed just below the 0.00730–0.00727 consolidation zone, while a take-profit target could be set near the 0.00736–0.00738 resistance level. The strategy would benefit from incorporating a trailing stop as price consolidates and retraces within the 0.00727–0.00738 range. This hypothesis is rooted in the volume and pattern confirmation observed during the late night session, aligning with the technical indicators discussed above.