Market Overview for Internet Computer/Tether USDt (ICPUSDT)

• Price rose from 4.845 to a high of 4.975 before consolidating near 4.946
• RSI and MACD showed bullish momentum followed by pullback signs
• Volatility expanded mid-day, with volume peaking at 4.975 high
• Key support at 4.85 and resistance at 4.92 tested multiple times
• Bollinger Bands indicated a period of contraction followed by a break

Internet Computer/Tether USDt (ICPUSDT) opened at $4.845 at 12:00 ET – 1, surged to a high of $4.975, and closed the 24-hour period at $4.946 at 12:00 ET. Total traded volume reached 178,449.56, while notional turnover totaled $876,614.30.

Structure & Formations

The 24-hour candlestick chart displayed a strong bullish bias with a long upper shadow, indicating resistance at the $4.975 level. A bullish engulfing pattern formed around 20:00 ET, followed by a morning doji around 09:00 ET, signaling indecision. The price found support at $4.85 and $4.87 on multiple occasions. Notably, a double-top formation at $4.92 and $4.922 was rejected, hinting at near-term bearish potential.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in a golden cross around 04:00 ET, reinforcing the bullish bias. For the daily chart, the 50-period MA crossed above the 100-period MA, and both were above the 200-period MA, suggesting a longer-term bull market trend.

MACD & RSI

The MACD line crossed above the signal line around 05:00 ET and remained positive, indicating bullish momentum. However, a bearish divergence appeared around 13:30 ET as MACD peaked while price continued higher, hinting at weakening upside momentum. RSI hit overbought levels at 75+ for extended periods and pulled back after reaching 78, indicating a potential correction.

Bollinger Bands

Price broke above the upper Bollinger Band at $4.975, indicating high volatility and strength. The following contraction in the bands around 10:00 ET suggested a period of consolidation. Price remained within the upper and lower bands throughout the day, except for the brief breakout, suggesting a controlled move without significant panic buying or selling.

Volume & Turnover

Volume surged during the $4.975 high, with over 51,889.56 units traded at that level. Turnover spiked during the peak but declined afterward, showing reduced conviction in the upside move. A divergence between falling price and high turnover was noted at 04:15 ET and 04:30 ET, pointing to potential bearish sentiment.

Fibonacci Retracements

On the 15-minute chart, the $4.85 to $4.975 move saw a 61.8% retest at $4.922, which acted as a key resistance level. The daily chart retracement from $4.83 to $4.975 also saw a 61.8% level at $4.925, which was tested twice but not broken. The 38.2% retracement at $4.908 offered immediate support, which held for much of the session.

Backtest Hypothesis

The backtesting strategy described aims to capture breakout momentum using a combination of RSI and Bollinger Band signals. Triggers are activated when RSI exceeds 60 and the price closes above the upper Bollinger Band on the 15-minute timeframe. Stop-loss is placed at the 20-period moving average, and a take-profit target is set at the 61.8% Fibonacci extension. Given ICP/USDT’s recent behavior—especially the price closing above the upper Bollinger Band at $4.975 and RSI peaking at overbought levels—this strategy would have been activated during the session. A trailing stop based on recent volatility could have locked in gains before the pullback observed from 13:30 ET onward.