ICON/Tether (ICXUSDT) Market Overview

• ICON/Tether (ICXUSDT) traded in a bearish trend with a 0.1288 close, down from a 0.1295 high.
• Momentum turned bearish late in the 24-hour period as RSI fell below 50.
• Volatility expanded around 23:30 ET, with a large bearish candle breaking key support.
• Volume surged near 00:00 ET, confirming the selloff but showing no immediate reversal.
• A potential test of the 0.1275–0.1268 Fibonacci support levels is in focus.

ICON/Tether (ICXUSDT) opened at $0.1289 on 2025-09-19 at 12:00 ET and closed at $0.1288 on 2025-09-20 at the same time. The 24-hour range was $0.1289 to $0.1295, with a bearish bias emerging after a key support level broke late in the session. Total volume reached 1,596,041.0 units, and notional turnover amounted to approximately $201,491.20 (volume × close).

The price action formed a bearish continuation pattern around the 23:30–00:15 ET timeframe, marked by a sharp drop from $0.1277 to $0.1268 on heavy volume. A key support level at $0.1275 was then tested multiple times but failed to hold. A long bearish candle on the 15-minute chart confirmed bearish sentiment. The price found temporary resistance at $0.1285–0.1286 during the early AM hours but failed to break above for sustained recovery.

Moving averages on the 15-minute chart showed the price below the 20-period and 50-period lines, signaling bearish momentum. The 50-period line was pierced late in the session, and the 20-period line dipped further below. On the daily chart, the 50-day, 100-day, and 200-day lines are in a descending configuration, indicating a medium-term downtrend. The price remains below the 50-day SMA, reinforcing bearish pressure.

RSI dropped below 50 to the 30s in the final hours of the session, suggesting overbought conditions had reversed into oversold territory, which could prompt short-term buyers. MACD turned negative mid-session and crossed below the signal line, confirming bearish divergence. Bollinger Bands expanded significantly around the $0.1270–0.1280 range, with the price sitting near the lower band, indicating increased volatility and potential for a bounce or continuation of the downtrend.

Volume spiked during the 00:00–00:15 ET timeframe on a large bearish candle, confirming the breakdown below key support. However, notional turnover dropped afterward despite the price remaining near the lower Bollinger Band, suggesting some caution from traders. The price found minor resistance at $0.1281–0.1285 but failed to break through, indicating a lack of conviction in the short-term buyers.

Fibonacci retracement levels identified from the recent swing low at $0.1268 to the swing high at $0.1286 showed critical levels at $0.1275 (38.2%) and $0.1270 (61.8%). The price briefly tested both levels but failed to hold above. A further breakdown below $0.1268 could target the next Fibonacci level near $0.1259–0.1255.

Backtest Hypothesis: The observed bearish breakdown and subsequent consolidation could provide a favorable setup for a short-biased strategy. A potential entry point is the retest of the $0.1275 Fibonacci level on a close below it, with a stop-loss placed above $0.1285 and a target at $0.1270. If the RSI remains below 50 and MACD continues negative, the trade could be exited at the 61.8% Fibonacci level. This approach aligns with the observed breakdown pattern and could be tested for its effectiveness over multiple sessions, particularly when combined with volume and divergence signals.