Market Overview for IQ/Tether (IQUSDT) on 2025-09-23

• Price action on IQ/Tether showed a bullish reversal after a sharp early session dip.
• Key support held at 0.003188–0.003194, with a bullish breakout above 0.003225 observed.
• RSI indicated overbought conditions at the session high, suggesting a potential pullback.
• Volatility expanded mid-day, with volume surging during the late-night to early-morning hours.
• Bollinger Bands widened, reflecting increased market uncertainty and active trading.

Market Overview for IQ/Tether (IQUSDT) on 2025-09-23

On 2025-09-23 at 12:00 ET, IQ/Tether (IQUSDT) opened at 0.0032, reached an intraday high of 0.003242, touched a low of 0.003182, and closed at 0.003223. The 24-hour volume amounted to 46.7 million, with a total turnover of ~$148,700. Price action revealed a strong reversal pattern, with a bearish decline into the early hours of 0.003188 being countered by aggressive buying into the morning and early afternoon.

1. Structure & Formations

The 15-minute chart showed multiple bullish candlestick formations including a strong engulfing pattern at 0.003214 (21:45 ET) and a rejection at 0.003238 during the 13:15 ET candle. Notable support was identified at 0.003188–0.003194, where price bounced off four times. Resistance levels emerged at 0.003221, 0.003228, and 0.003238, with the latter acting as a potential short-term ceiling. A bearish harami was observed at 0.003226 (12:00 ET), indicating consolidation.

2. Moving Averages

On the 15-minute timeframe, the 20 SMA was bullish, crossing above the 50 SMA around 07:00 ET. On the daily chart, the 50-day SMA (estimated at ~0.003204) was crossed by the 100-day SMA, suggesting a potential shift in trend. The 200-day SMA remained below current levels, indicating a longer-term bullish bias.

3. MACD & RSI

The MACD showed a bullish crossover at 07:00 ET, reinforcing the price action. The RSI peaked at 69 at 15:30 ET, indicating overbought territory and a high likelihood of a pullback. Divergence was observed between RSI and price during the 08:15–10:30 ET period, suggesting a potential reversal. A bearish signal from RSI may precede a retest of key support.

4. Bollinger Bands

Bollinger Bands expanded during the 04:00–08:00 ET period, reflecting growing volatility. Price traded inside the upper band at 0.003238–0.003242, suggesting a strong breakout attempt. A contraction occurred after 08:00 ET, signaling a potential end to the bullish momentum and a return to a sideways consolidation phase.

5. Volume & Turnover

Volume spiked significantly from 02:00 to 05:00 ET, coinciding with a sharp price rebound from 0.003182. Turnover surged to $11,400 during the 03:30 ET 15-minute candle. A divergence was observed between price and volume during the 09:30–10:00 ET period, suggesting a potential weakening of the bullish trend. The final 3-hour period saw volume drop, indicating a potential exhaustion of buying pressure.

6. Fibonacci Retracements

Applying Fibonacci to the 0.003182 to 0.003242 swing, key levels include:- 38.2% (0.003208)- 61.8% (0.003226)

The 61.8% level was briefly tested at 0.003226 and held, indicating a potential consolidation zone. On the daily chart, the 0.003182–0.003238 move showed a 61.8% retest at 0.003215, which was also successfully defended.

7. Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on a bullish engulfing pattern confirmation at key support levels (e.g., 0.003188–0.003194), with a stop-loss placed below the nearest support and a take-profit at the 61.8% Fibonacci level (0.003226). Given the current RSI divergence and expanding Bollinger Bands, a trailing stop could be implemented after the 0.003226 level is cleared, ensuring the strategy adapts to evolving volatility and momentum. The volume spike during the consolidation phase also supports a high-probability entry for this setup.

Looking ahead, IQ/Tether appears poised for further consolidation near 0.003226–0.00323, with potential for a pullback to 0.003208–0.003213 if overbought conditions persist. Investors should remain cautious as the RSI divergence and bearish harami suggest a possible short-term reversal. As always, market conditions can shift rapidly, and risk management remains essential.