Market Overview for IQ/Tether (IQUSDT): 24-Hour Technical Analysis

• Price opened at $0.003475, surged to $0.003619 before consolidating to close at $0.003435
• Momentum turned bearish after 02:00 ET as RSI oversold and Bollinger Bands narrowed
• Notable volume spikes occurred at 00:45 ET and 15:15 ET, confirming bearish price action
• A strong bearish engulfing pattern formed after the midday high near $0.003537
• Turnover totaled $593,440,289 over 24 hours, with heavy selling pressure at $0.003485

24-Hour Price & Volume Summary

The IQ/Tether pair (IQUSDT) opened at $0.003475 on 2025-09-18 at 12:00 ET, surged to a high of $0.003619, and closed at $0.003435 on 2025-09-19 at 12:00 ET. Total volume amounted to 175,257,762, with a notional turnover of $593,440,289 over the 24-hour period. The pair exhibited a strong top-heavy candlestick formation, indicating a sharp reversal from bullish to bearish momentum.

Structure & Formations

Price action showed a classic top-heavy structure, with a sharp bearish reversal after a midday high. A bearish engulfing pattern formed at $0.003537, confirmed by a closing price at $0.003435. Support levels emerged at $0.003462, $0.003442, and $0.003428, with the latter showing increased volume on the 15:15 ET bearish candle.

Moving Averages

Short-term 15-minute moving averages (20SMA and 50SMA) crossed bearishly in the final hours of the session, confirming a shift in momentum. The 50-period and 100-period daily moving averages indicated a broader bearish trend, with price closing below both.

MACD & RSI

The 15-minute MACD turned bearish with a negative crossover just before 02:00 ET, while RSI hit oversold levels below 30, signaling a potential short-term reversal. However, the lack of follow-through buying and declining volume suggest that bearish momentum remains intact for now.

Bollinger Bands

Price traded within a wide Bollinger Band range early in the session, contracting volatility before a sharp sell-off. By 04:00 ET, the bands had widened again as volatility increased. Price closed near the lower band, suggesting continued pressure at $0.003428.

Volume & Turnover

Volume spiked at key turning points, notably at 00:45 ET ($0.003537) and 15:15 ET ($0.003416), with turnover increasing by 50% during the latter. A divergence between rising price and falling volume during the bullish phase suggests a weakening trend, while the bearish phase saw volume confirm price action.

Fibonacci Retracements

Fibonacci levels on the 15-minute chart identified key resistance at $0.003495 and $0.003526, both of which failed to hold. On the daily chart, the 61.8% retracement level at $0.003456 acted as a short-term floor, with price finding support at 38.2% ($0.003428) in the final hours.

Backtest Hypothesis

A potential backtesting strategy involves entering a short position at the 61.8% Fibonacci retracement level ($0.003456), with a stop-loss above the 78.6% level ($0.003480) and a take-profit at $0.003414 (38.2% retracement). This strategy aligns with the observed bearish momentum, confirmed by the MACD and RSI. Given the volume spikes and confirmed support at $0.003428, this level could offer a strong exit target.