Market Overview for Internet Computer/Tether (ICPUSDT)

• Internet Computer/Tether (ICPUSDT) closed at $4.348 after a volatile 24-hour session with a low of $4.245 and a high of $4.372.
• Price formed multiple bullish and bearish candlestick patterns, suggesting indecision but a potential bias toward higher highs.
• Volume and turnover surged during key breakout attempts, with a peak in buying interest observed after 08:30 ET.
• RSI hit overbought territory at 74 and oversold at 29, indicating a volatile 24-hour momentum swing.
• Bollinger Bands reflected increased volatility, with price testing the upper band multiple times and closing near its edge.

Opening Snapshot and 24-Hour Price Action

Internet Computer/Tether (ICPUSDT) opened at $4.285 on 2025-09-22 at 12:00 ET and closed at $4.348 on 2025-09-23 at 12:00 ET. The pair reached a high of $4.372 and a low of $4.245 during the 24-hour period. Total volume traded was approximately 1,191,439.15 ICP, with notional turnover amounting to around $5,112,795. This data suggests active trading and significant price swings driven by both institutional and retail participants.

Structure & Key Levels

The 24-hour OHLCV data shows a clear test of key resistance levels around $4.30–4.35 and support at $4.25–4.28. A bullish engulfing pattern formed after 08:45 ET near $4.35, followed by a doji at $4.362 suggesting a potential near-term equilibrium. A bearish harami was noted around $4.275 at 03:30 ET, hinting at a possible short-term pullback. The 24-hour chart displays a broad consolidation pattern with potential for a breakout to the upside.

Moving Averages and Trend Confirmation

Using a 20-period and 50-period moving average on the 15-minute chart, price spent most of the day above both, confirming an overall bullish trend. The 50-period line held steady around $4.29–4.31 as support, while the 20-period line crossed above it twice, forming a golden cross pattern. Daily moving averages (50/100/200) also showed a positive alignment, with the 50 SMA at $4.30 providing a clear reference for trend continuation.

MACD & RSI: Momentum and Sentiment

MACD showed a bullish divergence in the second half of the session, with the histogram expanding and crossing above the signal line. The RSI oscillated between overbought (74) and oversold (29) levels, confirming the aggressive price swings. A strong bearish crossover occurred at $4.265 in the early hours, followed by a bullish crossover at $4.32 in the afternoon. These signals suggest strong momentum shifts and could indicate potential turning points.

Volatility and Bollinger Bands Behavior

Bollinger Bands reflected a volatile session, with the upper band expanding to $4.36 and the lower band contracting to $4.265. Price tested the upper band multiple times in the latter half of the session and closed near the upper edge, indicating a strong bullish bias. The average true range (ATR) suggested a moderate increase in volatility, with the majority of the price action occurring between $4.29 and $4.35.

Fibonacci Retracements and Key Levels

Applying Fibonacci retracement levels to the key 15-minute swing from $4.245 to $4.372, the 61.8% level resides at $4.335 and the 38.2% at $4.303. Price tested both levels and continued upward, suggesting strong bullish conviction. On the daily chart, the 61.8% retracement from the recent high of $4.372 to the low of $4.245 is at $4.331, which aligns with the current 24-hour close. This suggests the market is likely to test or consolidate around this level in the next 24 hours.

Backtest Hypothesis

A potential backtesting strategy could focus on using a 20/50 EMA crossover on the 15-minute chart, combined with RSI divergence and Bollinger Band breakouts. For instance, a long entry could be triggered when the 20 EMA crosses above the 50 EMA, RSI is above 50, and price breaks above the upper Bollinger Band. A stop-loss could be placed at the recent swing low of $4.275, while a take-profit might be set at the next Fibonacci level at $4.351. This setup would aim to capture bullish momentum while managing risk with defined exits.