ICON/Tether (ICXUSDT) Market Overview

• ICON/Tether (ICXUSDT) experienced a sharp intraday pullback, closing near key support.
• A notable 15-minute volume spike occurred at $0.1133, confirming a price rejection.
• RSI and MACD signaled overbought conditions before the reversal, hinting at distribution.
• Volatility expanded during the sell-off, with Bollinger Bands widening sharply.
• Fibonacci levels at $0.1136 and $0.1112 show high significance for near-term direction.

ICON/Tether (ICXUSDT) opened at $0.1115 at 12:00 ET−1 and reached a high of $0.1154 before closing at $0.1099 at 12:00 ET. The 24-hour candle closed bearishly, with total volume of 2,278,906.5 and turnover of $263,933.5. A sharp sell-off in the afternoon ET session suggests a critical turning point in short-term sentiment.

Structure & Formations

The 15-minute chart shows a strong bearish reversal pattern around $0.1133 and $0.1136, marked by long lower wicks and rejection of higher bids. A large bearish engulfing pattern formed at $0.1139–$0.1136, suggesting a shift in control from bulls to bears. A doji at $0.1127 also signals indecision, while the pullback to $0.1099 near the 61.8% Fibonacci level on the daily chart appears to be a critical support test.

Moving Averages

On the 15-minute chart, the 20- and 50-period moving averages have crossed into bearish territory, with the price closing below both. On the daily chart, the 50-, 100-, and 200-period moving averages all sit above the current price, reinforcing the bearish bias and indicating the market may not have found a near-term bottom yet.

MACD & RSI

The MACD line crossed below the signal line during the sell-off, confirming the bearish momentum. RSI reached overbought levels at 72 before the reversal, followed by a sharp drop below 50 and into oversold territory, suggesting exhaustion of short-term sellers but not necessarily a bottom. The divergence between price and RSI at the peak of the rally hints at a potential exhaustion of buyers.

Bollinger Bands

Bollinger Bands expanded significantly during the sell-off, indicating heightened volatility. Price closed near the lower band at $0.1099, a signal that could trigger further consolidation or a bounce, but only if buyers re-enter the market. A sustained close above the midline ($0.1157) would signal a return in bullish conviction.

Volume & Turnover

Volume spiked at $0.1133 with over 67,000 ICX traded, confirming rejection at that level. However, the most recent sell-off saw the largest volume spike at $0.111–$0.1099, with a total of 623,548.9 ICX traded during the final 15-minute candle. The drop in turnover after the peak is concerning, as it suggests a lack of follow-through in the bearish move.

Fibonacci Retracements

The 61.8% Fibonacci retracement level at $0.1112 was tested at the close and could now act as a near-term pivot. A rebound from this level would target the 38.2% level at $0.1136, while a break below $0.109 suggests the next level of support is at $0.1073. Traders should watch for a potential bounce or further breakdown from these levels in the next 24 hours.

Backtest Hypothesis

A potential backtesting strategy involves entering short positions when the price closes below the 20-period moving average on the 15-minute chart, confirmed by a bearish engulfing pattern and RSI below 50. A stop-loss could be placed just above the most recent swing high, while the first target would be the 61.8% Fibonacci level. The strategy may also include a volume filter to ensure the bearish signal is supported by above-average trading volume. This approach appears to align with recent price action and could be tested using historical swing data from the past 30 days.