Market Overview for IQ/Tether (IQUSDT) – 2025-11-09

• Price action showed a bearish drift after a brief mid-session rally.• Key resistance appeared around 0.002220 with a potential support near 0.002170.• Volume picked up significantly in the early morning hours but faded later.

IQ/Tether (IQUSDT) opened at 0.002175 at 12:00 ET–1, reached a high of 0.002240, and closed at 0.002219 at 12:00 ET. The pair traded within a range of 0.002149 to 0.002240 over the past 24 hours. Total volume amounted to approximately 135,599,253.0, with notional turnover estimated at $296,942.61.

Structure & Formations

Price action on the 15-minute chart displayed a bearish bias during the early part of the session, particularly from 00:00 to 03:00 ET. A strong bearish candle with a long upper wick formed at the high of the day (~0.002240), followed by a retest that failed to hold, suggesting a key resistance at that level. Between 19:00 and 22:00 ET, the pair consolidated near 0.002170, forming a potential support zone. A bearish engulfing pattern emerged during the session low, indicating a possible shift in momentum.

Moving Averages

On the 15-minute chart, the 20-EMA and 50-EMA showed a bearish crossover during the early morning hours, reinforcing the downward drift. On the daily chart, the 50-EMA (0.002203), 100-EMA (0.002198), and 200-EMA (0.002196) remained in a descending formation, suggesting a continuation of the larger bearish trend.

MACD & RSI

The MACD crossed below the signal line at the start of the session and remained negative for the majority of the day, aligning with the bearish price action. RSI showed a brief overbought condition during the rally to 0.002240 but quickly returned to neutral territory (~50), signaling a lack of sustained buying pressure. By the end of the session, RSI had fallen below 50, indicating weakening momentum.

Bollinger Bands

Volatility expanded in the early part of the session as price approached the upper band at 0.002240, followed by a contraction during consolidation. Price remained near the midline for most of the day before dipping below the lower band during a 30-minute window near 19:30 ET. This suggests a potential oversold condition and possible short-term rebound.

Volume & Turnover

Volume spiked sharply during the 00:00–03:00 ET period as price approached 0.002240, followed by a significant decline during the consolidation phase. Turnover increased in line with the volume, but the divergence between volume and price during the afternoon (14:00–16:00 ET) suggested weaker conviction in the rally. This could imply caution for further upside without a breakout.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing (0.002149 to 0.002240), key retracement levels emerged at 0.002196 (38.2%), 0.002213 (50%), and 0.002224 (61.8%). The 61.8% level coincided with the session high and appears to have acted as strong resistance. A break above this level could validate the short-term bullish case.

Backtest Hypothesis

To test the short-term bearish bias observed in this 24-hour period, a backtest strategy could be designed using the identified bearish engulfing patterns. By shorting the pair at the open of the next candle following a confirmed bearish engulfing pattern and exiting at the close, one could assess the viability of the approach. If applied to a historical dataset from 2022-01-01 to 2025-11-09, this strategy would need to account for slippage and transaction costs to provide a realistic performance evaluation.