Market Overview for Internet Computer/Tether (ICPUSDT)

• ICPUSDT opened at $3.548 and closed at $3.558, forming a bullish recovery after a sharp sell-off to $3.359.
• Price found key support around $3.40–$3.45 and bounced with increasing volume, suggesting short-term buyers entered.
• Volatility surged with a 13.5% daily range, but momentum indicators suggest overbought conditions at the top.
• The 24-hour volume of 3.6 million contracts and $12.7 million turnover reflect intense activity during the selloff and rebound.
• A large bearish engulfing pattern and a 61.8% Fibonacci retracement at $3.45 acted as critical support during the decline.

Internet Computer/Tether (ICPUSDT) opened at $3.548 on 2025-10-13 at 12:00 ET and closed at $3.558 by 12:00 ET on 2025-10-14. The pair hit a high of $3.781 and a low of $3.359 during the 24-hour period, reflecting a volatile session. Total volume amounted to 1.32 million ICPs, with a notional turnover of approximately $12.7 million. The price action suggests a possible short-term reversal following a sharp correction and a rebound off key support.

Structure & Formations

The 24-hour OHLCV data reveals a strong bearish engulfing pattern as the price fell from $3.781 to $3.359, followed by a bullish reversal off the $3.40–$3.45 level. A notable doji appeared around $3.42, suggesting indecision. The 61.8% Fibonacci retracement of the recent bearish move aligns closely with this level, reinforcing its importance. This support level appears to be a key floor for the next 24 hours.

Moving Averages and MACD/RSI

On the 15-minute chart, the 20-period and 50-period moving averages crossed multiple times, reflecting choppy conditions. The 50-period MA is currently around $3.50, below the 200-period MA on the daily chart, indicating a longer-term bearish bias. The RSI has shown overbought conditions in the $3.70–$3.75 range and oversold in the $3.35–$3.45 range, confirming the recent swing extremes. The MACD histogram turned negative during the selloff, then turned positive as buyers re-entered. This suggests that momentum could still favor buyers at current levels.

Bollinger Bands and Volatility

Volatility spiked as the price fell to the lower band of the Bollinger Bands, which were wide during the selloff. After the rebound, the price moved closer to the middle band, indicating a potential consolidation phase. The bands have since contracted, hinting at a potential breakout or continuation of the current pattern. Price currently resides near the middle band, with room for both a continuation of the downtrend or a rebound.

Volume and Turnover

Volume spiked during the selloff to $3.359 and again during the rebound from the $3.40–$3.45 level, confirming the strength of these key levels. Notional turnover also spiked during these periods, suggesting large-scale participation. However, volume has since declined, indicating a potential slowdown in momentum. Divergences between volume and price are not currently evident, suggesting that the current price action may remain supported by volume-based buying interest.

Fibonacci Retracements

Key Fibonacci levels have played a pivotal role in this session. The 61.8% retracement at $3.45 acted as a strong support during the selloff. The 38.2% retracement level at $3.61 was briefly tested but failed as a strong resistance. Looking ahead, the next key levels to watch include the 50% retracement at $3.57 and the 78.6% at $3.66, depending on the next directional bias.

Backtest Hypothesis

Given the RSI overbought and oversold signals observed during this 24-hour period, a potential backtesting strategy could be to buy ICPUSDT when RSI falls below 30 (oversold) and sell when it rises above 70 (overbought) on the 15-minute timeframe. This would align with the recent price action, where RSI confirmed key turning points during the selloff and rebound. The strategy could be tested on historical data from 2022-01-01 to 2025-10-14 to evaluate its performance across varying market conditions. If successful, it could offer a data-driven, momentum-based entry and exit strategy for traders seeking short-term opportunities in the ICPUSDT pair.