$QI Reason for BENQI's Price Movement
• BENQI rose approximately 30% to 33% during the past 24 hours and is higher by approximately 40% to 45% over the past week, significantly outperforming majority of altcoins.
• Trading activity has increased with daily volume around $80 million to $84 million, showing liquidity and increasing demand.
• Some trends are defining BENQI's increased price as well:
1. BENQI is integrated into the Avalanche ecosystem for lending, staking, and liquidity markets, all of which demonstrate utility.
2. New exchange listings and exposure like Kraken as well as there being news generated have made the token more accessible and welcoming to new buyers
🔮 How Long Will The Price Be Up?
Expectations of More Upside:
• Should QI remain above $0.0105-$0.0110, then it should retest resistance upwards $0.013-$0.014. October forecasts suggest gains up towards $0.0104-$0.0115.
• Should the Avalanche DeFi activity grow, could provide more strength for QI.
Possible Downside:
• Technical indicators continue to show overbought signals currently, so selling may take prices down shortly.
• If it loses support below $0.0105 could lead BENQI back downwards to range $0.0085-$0.009.
• Macro weakness or general slowdowns in Avalanche may also dampen the desire to buy.
✅What To Expect
Currently BENQI looks bullish, with growth and increasing activity, but the pace of the gains create potential correction risks. Should we expect to see a trade strategy with stop losses in place as well as watch the near term gains.
