Our BENQI price prediction has flipped bullish once again as the price is signalling a bullish reversal. The coin has been in a severe downtrend since hitting its ATH of $0.39 in November 2021. The ongoing slump in cryptocurrencies further intensified this downtrend. BENQI crypto price plummeted to $0.0085 on 12th May 2022 as the Bitcoin price tagged $24,500 for the first time in 15 months.
After 4 weeks of sideways movement, BENQI price has exploded today. QI price surged by more than 30% on Monday with a significant increase in volume. This bullish price action has happened amid an across-the-board bloodbath in crypto markets as Bitcoin price formed a lower low.
BENQI Finance is a liquidity protocol on Avalanche blockchain which is completely decentralized and non-custodial. According to BENQI news today, the platform has integrated with CIAN protocol to build and automate sAVAX strategies. This would also allow users to build complex multi-protocol positions in 3 simple steps.
There is currently $331 million locked on the platform down from $1.8 billion in December 2021. At the time of writing, BENQI token is trading at $0.0163.
BENQI Price Prediction
Technical analysis of BENQI price chart suggests that the bulls might be gaining strength. The constant increase in volume along with a massive pump today could be a reversal signal. Nevertheless, the ongoing downtrend in Bitcoin price might drag BENQI down once again. Therefore, a Bitcoin recovery is necessary to validate a proper bullish reversal in QI price.
If Bitcoin gains strength in the next few days, then BENQI price prediction of $0.035 seems quite valid. This price target also aligns with the 0.382 Fib retracement level which forms by connecting April 2022 highs to the May 2022 lows.
One major reason for a sudden price surge in BENQI price could be the ongoing issue with top centralized protocol Celsius. After a sudden restriction on withdrawals by Celsius, many users are betting on non-custodial protocols like BENQI.