Market Overview for QIUSDT on 2025-09-24

• QIUSDT traded in a tight range early before a sharp decline, finding support near 0.0088–0.0089.
• Momentum has slowed with RSI entering oversold territory, suggesting potential for a near-term bounce.
• Volatility increased mid-session, but volume failed to confirm sharp price swings, pointing to uncertain follow-through.
• Key resistance near 0.00905–0.00915 may cap upward movement without a strong break above 0.00915.
• A bullish reversal remains in play if price retests support levels with higher volume and closing above 0.00895.

BENQI/Tether (QIUSDT) opened at 0.00978 on 2025-09-23 at 12:00 ET and closed at 0.00900 on 2025-09-24 at the same time. The 24-hour range was 0.0098 (high) to 0.00876 (low). Total volume was 196,187,651.0 units, and notional turnover stood at ~$1,803,679. The price action was choppy, with a key bearish breakdown around 0.00900.

Structure & Formations

Price displayed bearish pressure after a large bearish candle formed at 16:45 ET, which gapped down from 0.00966 to 0.00930. This candle marked a key turning point, with subsequent bearish momentum leading to a consolidation between 0.00886 and 0.00894 by the morning of 00:00 ET. A potential bullish reversal could be in play if the price holds above 0.00890, forming a possible bullish engulfing pattern or a morning star as it nears that level.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are converging below current price levels at around 0.00896 and 0.00899 respectively, reinforcing the near-term bearish bias. On the daily chart, the 50-period and 200-period MA lines are aligned slightly above the current price, indicating a potential short-term support zone.

MACD & RSI

MACD has turned negative and crossed below the signal line, confirming bearish momentum. The histogram has been shrinking, however, suggesting that downward pressure is losing steam. RSI is in the 28–30 range, indicating oversold conditions, which could mean a near-term bounce is likely, though a sustained move above 0.00905 is required to confirm a reversal in sentiment.

Bollinger Bands

Volatility expanded during the sharp selloff, pushing price to the lower band of the Bollinger Bands at 0.00886. This level acted as a temporary floor, with price bouncing back toward the central MA. A break back above the upper band would need to be accompanied by rising volume and confirmation from other indicators to validate a reversal.

Volume & Turnover

Volume surged during the bearish breakdown at 16:45 ET, reaching 20,467,743 units. However, volume has since declined, and price action has failed to confirm the strength of earlier swings. A divergence between price and volume suggests caution. The recent rally from the 0.00880 level has seen moderate volume, providing some credibility to the potential support test.

Fibonacci Retracements

On the 15-minute chart, the 61.8% retracement of the 0.00966–0.00893 swing is at ~0.00906, a key level to watch for potential short-covering or a bearish rejection. On the daily chart, the 61.8% retracement of the recent leg down from 0.0098 to 0.00876 lies at 0.00912, a potential resistance ahead of the 0.00915 level.

Backtest Hypothesis

Applying a backtesting strategy that combines RSI overbought/oversold signals with volume confirmation could offer a viable trade approach. For example, entering a long position on QIUSDT at a price above the 61.8% Fibonacci level (0.00906) with RSI above 30 and rising volume may provide a higher-probability setup. A stop-loss could be placed below the 0.00890 support zone. Conversely, a short entry may be considered if RSI remains below 30 for two consecutive candles and volume surges again on a breakdown below 0.00890.