Market Overview: Internet Computer/Tether (ICPUSDT) – Year-End Correction and Volatility

Summary
• ICPUSDT fell 15.8% in 24 hours, with bearish momentum accelerating after 19:00 ET.
• Volume spiked 16.3x at 16:45 ET, signaling a possible short-term bottom.
• RSI oversold at 16, with price near 61.8% Fib support at ~$2.72.
• Bollinger Bands widened, showing heightened volatility in the final 3 hours.
• A long lower shadow at 05:45 ET suggests rejection near $2.79–2.80.

Market Overview

Internet Computer/Tether (ICPUSDT) opened at $2.902 on 2025-12-30 12:00 ET and closed at $2.708 by 12:00 ET on 2025-12-31, reaching a high of $2.907 and a low of $2.687. Total volume for the 24-hour period was 1,069,092.28, with notional turnover of $2,942,584.94.

Structure & Formations

The price action displayed a strong bearish bias after 19:00 ET, with a sharp breakdown below key support at $2.85 and a subsequent collapse toward $2.70. A bullish engulfing pattern briefly emerged at 05:45 ET near $2.84, suggesting short-term rejection, but failed to ignite a sustained reversal. A key 61.8% Fibonacci retracement level at $2.72 appears to offer near-term support.

Moving Averages and Momentum

Short-term moving averages (20/50-period) on the 5-minute chart were well below price, reinforcing the bearish bias. RSI dropped into oversold territory below 16 during the final hours, indicating potential exhaustion in the sell-off. MACD turned negative with a bearish crossover, confirming the shift in momentum.

Volatility and Volume

Bollinger Bands widened significantly in the last three hours of the period, reflecting increased volatility as the market approached a critical support level. The most notable volume spike occurred at 16:45 ET, where a 16.3x increase in volume accompanied a sharp decline from $2.769 to $2.723, suggesting possible accumulation or a short-term bottoming process.

Looking ahead, ICPUSDT may test the $2.72 level for support before any potential rebound. Investors should remain cautious as volatility and divergences could signal further uncertainty in the near term.