ICON/Tether (ICXUSDT) 24-Hour Market Overview

• ICON/Tether (ICXUSDT) traded in a narrow range before a late-night bullish breakout above 0.1300.
• Key support at 0.1275 held during the early ET sell-off; volume surged after 22:00 ET.
• Momentum indicators show divergences at overbought levels, suggesting possible pullback.
• Volatility expanded late in the session, with price near the upper Bollinger Band.
• Turnover spiked during the 18:00–20:00 ET rally, confirming the breakout.

ICON/Tether (ICXUSDT) opened at 0.1275 on 2025-09-17 and closed at 0.1323 on 2025-09-18, reaching a high of 0.1333 and a low of 0.1267. Total 15-minute OHLCV volume over the 24-hour window was 2,263,305.5 units, with notional turnover reflecting significant accumulation after 18:00 ET.

Structure and formations on the 15-minute chart revealed several key levels. A strong support at 0.1275 was tested multiple times before being rejected, signaling resilience in the lower range. Between 18:00 and 22:00 ET, a bullish breakout above the 0.1300 psychological level occurred, forming a series of higher highs and higher lows. A notable pattern was a bullish engulfing candle at 19:45 ET, which marked a turning point in the session. A doji near 0.1325 in the morning suggested indecision after the earlier surge.

Moving averages showed ICXUSDT closing above both its 20 and 50-period 15-minute EMA lines at 0.1323, confirming a short-term bullish bias. On the daily chart, the 50-period SMA crossed above the 200-period SMA, indicating a longer-term bullish setup. The 100-period line, however, remained above the current price, suggesting potential retracement risks.

Momentum indicators displayed mixed signals. The RSI hit overbought levels above 65 near 0.1333, suggesting the potential for a near-term pullback. The MACD crossed into positive territory after 18:00 ET, with a strong bullish divergence forming in the later hours. Bollinger Bands showed a widening during the 19:00–22:00 ET rally, reflecting rising volatility. Price hovered near the upper band in the last four hours of the session, indicating a possible exhaustion of the bullish trend.

Volume and turnover confirmed the price action during the key breakout. The largest volume spike occurred at 18:15 ET with 355,189.1 units traded, aligning with a breakout above 0.1294. Turnover during this candle was significant and confirmed the strength of the rally. A divergence between price and volume was noted in the final 2 hours of the session, with price making higher highs but volume slowing, hinting at reduced conviction.

Applying Fibonacci retracements to the 15-minute move from 0.1275 to 0.1333 showed key levels at 38.2% (0.1308) and 61.8% (0.1321). Price tested and held above 0.1321 in the final hours, suggesting a possible continuation. Daily-level retracements from a recent swing high and low also showed 0.1320–0.1330 as a critical zone for near-term consolidation.

Backtest Hypothesis

The described strategy involves entering long positions on ICXUSDT when the 50-period EMA crosses above the 200-period EMA, with a stop-loss placed at the 38.2% Fibonacci retracement level. A take-profit is set at the 61.8% retracement. In the current context, with the 50-period EMA crossing above the 200-period EMA and ICXUSDT above the 0.1321 level, the setup aligns with this strategy. A backtest would need to confirm the effectiveness of this approach in the low-liquidity environment typical of ICXUSDT, considering slippage and the impact of smaller order books on trade execution.