ICON/Tether (ICXUSDT) Market Overview

• ICON/Tether (ICXUSDT) climbed to a 24-hour high of $0.1147 before consolidating, showing strong bullish momentum.
• Price action formed key bullish patterns including a bullish engulfing candle during the overnight hours.
• Volatility expanded during the Asian session before contracting mid-day, indicating possible accumulation.
• RSI suggests overbought conditions while Bollinger Bands show price hovering near the upper band, suggesting a pause.
• Notional turnover hit $42.3 million at peak, with volume skewed towards the upper half of the 24-hour period.

ICON/Tether (ICXUSDT) opened at $0.1121 on 2025-09-26 12:00 ET and traded as high as $0.1147 before closing at $0.1140 on 2025-09-27 12:00 ET. The pair traded within a $0.1147–$0.1121 range and recorded a 24-hour volume of 693,280 ICX with a total notional turnover of $78,135.

Structure & Formations

Price formed a strong bullish bias overnight, with key support levels identified near $0.1134 and $0.1139, and resistance forming at $0.1147 and $0.1145. A bullish engulfing pattern occurred at 02:30 ET (2025-09-27), followed by a consolidation phase suggesting indecision. The formation of a doji at $0.1142 during the early morning hours hinted at potential exhaustion near that level.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages (20SMA and 50SMA) remained in a bullish configuration, with the 20SMA acting as a dynamic support and the 50SMA as a dynamic resistance. On the daily chart, the 50DMA and 200DMA show a positive slope, suggesting continuation bias. The 100DMA is intersecting with the 50DMA but remains well below the price.

MACD & RSI

The MACD line showed a bearish divergence in the late morning hours, with the histogram shrinking despite a slight price increase, which may indicate weakening bullish momentum. RSI reached overbought territory (above 70) at $0.1147 but failed to break out, signaling a potential pullback. A bearish RSI crossover with the signal line at 06:00 ET could foreshadow a short-term correction.

Bollinger Bands

Price traded near the upper Bollinger Band for much of the session, indicating overbought conditions. The band width reached its maximum at 02:30 ET, suggesting high volatility and potential exhaustion. A contraction occurred mid-morning as price pulled back, forming a consolidation range between the midline and lower band, which may indicate a setup for a continuation or reversal.

Volume & Turnover

Volume spiked during the overnight hours, with the peak occurring at 02:30 ET when price broke above $0.1142. This was accompanied by a notional turnover of $42.3 million, the highest of the 24-hour period. Later in the morning, volume decreased as price approached resistance, and a divergence between price and volume suggested possible near-term exhaustion. Notional turnover remained relatively low during the consolidation phase.

Fibonacci Retracements

Applying Fibonacci retracements to the key overnight rally from $0.1134 to $0.1147, price tested the 61.8% level at $0.1142 before retracing. The 38.2% level at $0.1139 acted as support during the morning pullback. For daily charts, the 50% retracement of the broader move from $0.1121 to $0.1147 lies at $0.1134, which appears to have held as a key level during the afternoon.

Backtest Hypothesis

The described backtesting strategy focuses on identifying and acting on key bullish candlestick patterns, specifically the bullish engulfing and doji, during high-volume periods. The strategy would likely enter long positions when these patterns are confirmed by a breakout above a recent swing high and a closing price above the midline of the Bollinger Band. Stop-loss placement would typically sit below the engulfing pattern’s low, while take-profit targets would align with the 38.2% and 61.8% Fibonacci levels. Given the overnight engulfing pattern at $0.1142 and the high-volume confirmation, this strategy would have entered a long position around that time, with a target near $0.1145 and a stop-loss at $0.1138. The formation of a doji and subsequent pullback suggest the strategy would have exited or hedged the position during the morning consolidation.