QIUSDT Rejected at 0.00233 as Bearish Engulfing Signals Pressure

Summary
• Price fluctuated between 0.00224 and 0.00237 with multiple consolidation attempts.
• Momentum remained mixed, with RSI hovering near midline suggesting neutral sentiment.
• Volatility expanded during late ET hours, coinciding with a sharp volume spike.
• A bearish engulfing pattern appeared near 0.00233 after a failed breakout.
• Bollinger Bands showed a recent contraction followed by a price rejection at upper band.

BENQI/Tether (QIUSDT) opened at 0.00229, reached a high of 0.00237, and a low of 0.00224, closing at 0.00225 at 12:00 ET. Total volume for the 24-hour window was 50,893,852.0, with a notional turnover of 116,321.92 USDT.

Structure & Formations

Price action revealed a key resistance cluster between 0.00232 and 0.00234, where price repeatedly failed to hold above. A bearish engulfing candle formed around 0.00233, signaling potential short-term pressure. A doji near 0.00227 at the end of the session suggested indecision, with the 0.00226–0.00228 range emerging as strong support.

Moving Averages

On the 5-minute chart, price oscillated around the 20- and 50-period moving averages, with the 20-period slightly above the 50-period, indicating a neutral bias. Daily moving averages showed a wider separation, with price hovering below the 200-period MA, suggesting a potential long-term bearish slant.

Momentum & Volatility

Relative Strength Index (RSI) remained in the mid-40 to 50 range throughout the 24-hour period, reflecting balanced buying and selling. MACD showed a weak positive divergence early in the session before crossing into negative territory, pointing to weakening bullish momentum. Bollinger Bands tightened in the early hours before expanding as volatility spiked, with price bouncing off the upper band and closing near the lower band.

Volume & Turnover

Volume spiked during the 16:15–17:00 ET window, coinciding with a sharp price pullback. Notional turnover also increased during this period, confirming the bearish reversal. However, price and turnover diverged slightly during the 10:00–11:00 ET window, with volume declining despite a falling price, suggesting potential short-term exhaustion.

Fibonacci Retracements

Fibonacci levels drawn from the 0.00224 to 0.00237 swing showed 0.00233 as the 38.2% retracement level, where price found resistance. The 61.8% level at 0.00229 coincided with strong support, which held through multiple tests.

The market appears to be in a period of consolidation following an unsuccessful breakout attempt. A break below 0.00226 could trigger further downside, but a rebound from that level may offer a short-term buying opportunity. Investors should monitor volume for confirmation of any directional bias in the next 24 hours.