Market Overview: Internet Computer/Tether (ICPUSDT) 24-Hour Analysis

Summary
• ICP/USDT formed a bullish engulfing pattern near $3.18 after a sharp selloff and consolidation.
• Price remained above the 5-minute 20-period moving average into the 24-hour close.
• Volatility expanded significantly in the late ET hours, with a high of $3.393 amid surging volume.
• RSI showed mild overbought conditions, suggesting potential near-term profit-taking.
• Turnover spiked during the 16:15–16:45 ET window, indicating growing market participation and momentum.

Internet Computer/Tether (ICPUSDT) opened at $3.166 on 2026-01-08 12:00 ET and closed at $3.302 the following day. The pair reached a high of $3.393 and a low of $3.125, with total volume of 1,815,756.62 and a notional turnover of $597,513.05.

On the 5-minute chart, ICPUSDT showed a bearish breakout and sharp correction from $3.214 to $3.140 before recovering. A key bullish engulfing pattern developed around $3.18, hinting at short-term support. The price then surged past $3.25, reaching $3.393 in the late trading session, fueled by strong volume and high turnover. The 20-period moving average (5-min) acted as a floor, while the 50-period MA showed lagging buy signals.

MACD turned positive late in the session, confirming the recent upmove. RSI rose into overbought territory around 70, suggesting potential for profit-taking. Bollinger Bands expanded during the late ET rally, indicating heightened volatility. Volume and turnover were notably aligned with price during the $3.25–$3.393 range, with no major divergence observed.

Fibonacci levels from the 3.125–3.393 swing showed consolidation near the 61.8% retracement at $3.275, suggesting potential resistance ahead.

Looking ahead, ICP/USDT may test the $3.25–$3.275 range as key support and possibly face resistance above $3.32, depending on buyer sustainability. Investors should remain cautious as overbought conditions could prompt near-term profit-taking, especially if volume fails to confirm further rallies.