Market Overview for Internet Computer/Tether (ICPUSDT)

Summary
• ICPUSDT forms bearish 5-minute patterns near $3.15 and tests key support at $3.10.
• Momentum slows with RSI hovering near 50, suggesting consolidation after a sharp selloff.
• Volatility surges overnight, with volume peaking during the $3.10–$3.15 range.
• A large 5-minute bearish engulfing pattern appears at $3.16, signaling potential short-term weakness.
• Price remains below 20 and 50-period moving averages on the 5-minute chart, indicating bearish bias.

Internet Computer/Tether (ICPUSDT) opened at $3.218 (12:00 ET – 1) and traded as low as $3.064 before closing at $3.18 (12:00 ET). Total volume reached 1.18 million, and notional turnover hit $3.72 million over the 24-hour window.

Structure & Price Action

Price action on the 5-minute chart reveals a strong bearish bias, with multiple tests of the $3.10 support level and a bearish engulfing pattern forming at $3.16. A key resistance cluster appears around $3.20–$3.25, which has held despite minor rallies. A small doji at $3.14 suggests indecision, but the overall trend remains bearish.

Technical Indicators

MACD shows a narrowing bearish crossover, with the histogram shrinking, hinting at waning bearish momentum. RSI remains near 50, indicating no overbought or oversold conditions and reinforcing a consolidation phase. Bollinger Bands have widened significantly in the early morning hours, highlighting increased volatility during the selloff.

Volume & Turnover

Volume spiked sharply during the $3.10–$3.15 price range, particularly between 14:30 and 15:45 ET, where large-volume bearish candlesticks confirmed breakdowns. Turnover also spiked during this period, aligning with the price action and reinforcing the bearish narrative.

Fibonacci Retracements

On the 5-minute chart, a key 61.8% retracement level appears at $3.17, where price stalled before continuing the downward trend. A daily swing from $3.25 to $3.06 sees $3.13 as the 38.2% retracement level, with price hovering just above it as of 12:00 ET.

The market may consolidate near $3.15–$3.18 in the next 24 hours, with a potential test of $3.10 if momentum remains bearish. Investors should watch for a rebound off $3.10 or a breakdown below it, both of which could trigger further volatility.