ICON/Tether USDt Market Overview for 2025-09-10

• ICON/Tether USDt closed higher at 0.1333, up from 0.13 with a 24-hour high of 0.1345 and low of 0.1297.
• Strong volume expansion occurred during the late afternoon, with a peak of 185,437.9 USDT at 12:45 ET.
• RSI signaled overbought conditions during a 0.134–0.1345 rally, hinting at potential pullbacks.
• Price remained within the upper Bollinger Band for most of the session, indicating rising volatility.
• A bullish engulfing pattern formed at 0.132–0.1327 during the early morning hours.

ICON/Tether USDt (ICXUSDT) opened at 0.13 on 2025-09-09 at 12:00 ET, reached a high of 0.1345, a low of 0.1297, and closed at 0.1333 on 2025-09-10 at 12:00 ET. Total volume traded over 24 hours was 1,888,192.3 ICX, with a notional turnover of $247,524.67 in USDT. Price action showed a strong upward bias with significant volume surges.

Structure & Formations

Price found support at the 0.130–0.1305 level during the early morning and later tested the 0.1325–0.133 resistance zone. A bullish engulfing pattern appeared at 0.132–0.1327, suggesting short-term buying pressure. A doji formed at 0.1332–0.1333 during the afternoon, indicating indecision and potential consolidation.

Moving Averages

On the 15-minute chart, the 20-period MA (0.1327) and 50-period MA (0.1328) showed a bullish crossover around 03:00 ET, supporting the upward trend. The 50-period daily MA (0.1321) and 200-period MA (0.1316) remained below the close, indicating a longer-term bullish setup. Price remains above key MAs, suggesting continuation bias.

MACD & RSI

The MACD crossed above the signal line at 0.132–0.1327, confirming bullish momentum. RSI reached overbought territory at 72 during the 0.134–0.1343 rally, signaling potential pullbacks. While momentum remains strong, overbought conditions suggest caution ahead. RSI has since dipped below 60, indicating a possible short-term reversal.

Bollinger Bands

Price spent most of the session inside the upper Bollinger Band, reflecting high volatility. The band width expanded significantly during the late afternoon and early evening, driven by increased volume and price swings. A contraction phase was observed from 08:00 to 10:00 ET, preceding a breakout.

Volume & Turnover

Volume spiked sharply at 12:45 ET, with 185,437.9 ICX traded at 0.1343, confirming the breakout move. Notional turnover also surged during this time, indicating strong conviction. A divergence appeared between price and turnover during the 0.1333–0.1339 consolidation, suggesting weakening momentum. Overall, volume and price action aligned for the bulk of the session.

Fibonacci Retracements

Fibonacci levels applied to the 0.1297–0.1345 swing showed 0.1333 as the 61.8% retracement level, which coincided with a strong consolidation area. The 38.2% level at 0.1331 acted as a minor support during the afternoon. On the daily chart, the 0.1316–0.1339 range suggests 50% and 61.8% levels as near-term key levels.

Backtest Hypothesis

Given the alignment of bullish candlestick formations, strong volume at key Fibonacci and Bollinger Band levels, and confirmed MACD crossovers, a backtest strategy could look to enter long at 0.1332 on a breakout above the 0.1334–0.1336 consolidation area, with a stop-loss just below 0.1325 and a target at 0.1343. The 50-period MA and 61.8% Fibonacci level could act as dynamic support. This setup would aim to capitalize on the continuation of the upward bias seen in the 15-minute and daily timeframes.