ICON/Tether Market Overview

• ICON/Tether declined sharply, forming a bearish trend on the 15-minute chart.
• Volatility expanded as price dropped to 0.1172, breaching key support.
• RSI and MACD confirmed bearish momentum, with RSI approaching oversold levels.
• Volume spiked during the downtrend, confirming distribution.
• Large-volume bearish candles and Fibonacci retracements suggest potential for further decline.

ICON/Tether (ICXUSDT) opened at 0.1275 on 2025-09-21 at 12:00 ET and closed at 0.118 at 12:00 ET the following day. The 24-hour price range was 0.1278 (high) to 0.1144 (low). Total volume reached 2,916,794.4 ICX, while turnover stood at approximately $356,975.40 (assuming 1 ICX ≈ $0.118).

The pair displayed a strong bearish bias, with a decisive breakdown below 0.1240 and a continuation of selling pressure into the 0.1170s. Price action included multiple large bearish candles, a long bearish continuation pattern from 0.1271 to 0.118, and a breakdown of key support levels at 0.1240 and 0.1230. Notably, a doji formed briefly near 0.1232, suggesting potential exhaustion, but this was quickly rejected.

The 15-minute 20SMA and 50SMA were both below the price, reinforcing the short-term bearish trend. MACD crossed into negative territory, confirming bearish momentum. RSI approached oversold levels near 25, indicating potential for a bounce but not a reversal. Bollinger Bands expanded during the decline, with price settling well below the lower band, showing high volatility. A contraction in the bands was visible earlier in the session but was swiftly broken apart by a sharp move downward.

Volume surged during the critical leg of the decline, particularly between 06:00 ET and 09:00 ET, when the price dropped from 0.1226 to 0.1183. This heavy selling volume confirmed distribution and reinforced the bearish bias. Turnover spiked in line with the price drop, with no signs of divergence. Fibonacci retracements showed the 0.1232 level as a key 38.2% retracement of the prior leg, and the 0.1172 level as a 61.8% retracement of the move from 0.1271 to 0.1144, suggesting a potential area of interest if the trend continues.

The backtest strategy relies on key levels identified in the Fibonacci retracement (38.2% and 61.8%) and Bollinger Band signals. A potential short entry could be triggered on a close below the 61.8% level, with a stop just above the most recent swing high at 0.1209. A target could be set at the next Fibonacci level or a 2:1 risk-to-reward ratio. This approach is supported by the MACD and RSI confirming bearish momentum and the strong volume pattern observed during the breakdown.