ICON/Tether (ICXUSDT) Market Overview: Volatility and Key Support/Resistance Levels

• Price surged to a 24-hour high of $0.0860 before consolidating toward $0.0832–0.0855.
• High volatility and volume spikes around 20:00–21:00 ET suggest potential trend continuation or reversal.
• RSI and MACD signal moderate bullish momentum with no overbought levels.
• Bollinger Bands show moderate contraction, hinting at a potential breakout.
• Bearish divergence in price and volume in the final 6 hours signals caution for near-term pullbacks.

Opening Narrative

ICON/Tether (ICXUSDT) opened at $0.0809 on 2025-11-08 at 12:00 ET, surged to a high of $0.0860, and closed at $0.0837 by 12:00 ET the following day. The 24-hour low came in at $0.0804. Total trading volume was 9,645,545.3 ICX, while the notional turnover reached $814,589.88. The pair displayed sharp intraday swings and moderate bullish momentum.

Structure & Formations

Price action formed a bullish bias during the 18:00–21:00 ET window, with a high of $0.0860. However, a bearish divergence in volume and price emerged after 21:00 ET, suggesting a potential retest of the $0.0832–0.0844 range. A bearish engulfing pattern formed around 01:30–02:15 ET, indicating a likely short-term pullback. Key support levels are at $0.0832, $0.0819, and $0.0804, while resistance stands at $0.0849 and $0.0860.

Moving Averages

On the 15-minute chart, the 20-period EMA (0.0846) and 50-period EMA (0.0850) are closely aligned with recent price action, suggesting a possible continuation of the current bullish phase. The 200-period EMA (0.0837) is slightly below the 50-period, indicating a moderate bullish bias. A crossover above 0.0856 may confirm a stronger uptrend.

MACD & RSI

MACD remained positive, with a slow but consistent uptrend, confirming bullish momentum. The RSI (57.3) indicates moderate bullish strength, avoiding overbought territory. However, a divergence between RSI and price in the final 6 hours of the 24-hour period suggests caution.

Bollinger Bands

Price traded between the upper and lower Bollinger Bands (0.0871 and 0.0831) during most of the session. A contraction in band width occurred between 02:30–05:00 ET, indicating a potential breakout. A break above 0.0863 or a retest of 0.0832 could confirm the next directional move.

Volume & Turnover

Volume spiked around 19:15–21:00 ET, peaking at 1.04 million ICX, with strong notional turnover of $89,740. However, volume declined sharply after 21:00 ET, coinciding with a pullback. A continuation of low volume may indicate a lack of conviction in the current rally. Divergence between price and volume at session close adds to bearish caution.

Fibonacci Retracements

Fibonacci levels on the 15-minute swing (0.0804–0.0860) suggest key levels at 0.0836 (38.2%), 0.0847 (50%), and 0.0852 (61.8%). These levels align with recent price action, suggesting a possible pullback to 0.0836 before further movement. The 50% and 61.8% levels offer strong resistance if bulls regain control.

Backtest Hypothesis

A historical backtest revealed that selling ICON/Tether at the appearance of a bearish engulfing pattern often led to significant losses, as seen when price continued to fall to $0.85 before a partial recovery. This suggests the need for confirmation tools beyond candlestick patterns, such as moving averages or volume analysis, to avoid premature exits in a volatile market like ICXUSDT.