ICON/Tether (ICXUSDT) 24-Hour Market Overview

• ICON/Tether (ICXUSDT) fell to a 24-hour low of $0.0872 before rebounding slightly into the final hours.
• Price tested key support near $0.0875 and bounced off, with mixed momentum from RSI and volume.
• Bollinger Bands expanded significantly after the midday dip, signaling heightened volatility.
• The 24-hour turnover reached ~$12.3 million, with heavy volume seen during the 20:30–01:45 ET sell-off.
• A bullish engulfing pattern formed in the final hours, but lacks immediate follow-through to confirm strength.

ICON/Tether (ICXUSDT) opened at $0.0914 on 2025-10-28 at 12:00 ET and closed at $0.0877 on 2025-10-29 at 12:00 ET, forming a bearish trendline amid a 24-hour high of $0.0922 and low of $0.0862. The total volume traded was 3,265,852.3 ICX, with a notional turnover of ~$12.3 million, reflecting elevated liquidity during the midday sell-off.

Structure and key price levels revealed a strong support zone between $0.0872 and $0.0875, with a series of rejection candles indicating short-term buying interest. Resistance is currently forming around $0.0885–$0.0890, with a bearish divergence in volume at the upper end. A bearish engulfing pattern was observed near the 20:30 ET low, while a bullish engulfing pattern formed in the final two hours, suggesting potential for a short-term rebound.

The 20-period and 50-period moving averages on the 15-minute chart crossed bearishly, with the 50-period line at $0.0882 currently acting as a key dynamic resistance. On the daily chart, the 50-period SMA is at $0.0905, while the 200-period SMA is at $0.0920, indicating a longer-term bearish bias. RSI is currently at 43 on the 15-minute chart, signaling neutral momentum but hinting at oversold territory below 30. MACD is negative but narrowing, suggesting weakening bearish pressure.

Bollinger Bands expanded notably during the 20:30–01:45 ET window, with price falling to the lower band before a partial bounce. Volatility is expected to remain elevated given the recent expansion, but no significant contractions have been observed that might indicate a low-volatility consolidation phase. Volume spiked during the midday sell-off but has since moderated, indicating that further downward momentum may be limited unless volume surges again.

Fibonacci retracement levels suggest key psychological support at 38.2% ($0.0887) and 61.8% ($0.0874) on the recent 15-minute swing low. On the daily chart, the 61.8% retracement from the prior swing high is at $0.0883, aligning with recent price consolidation. These levels could serve as potential pivots for reversal or continuation patterns in the coming hours.

Backtest Hypothesis
Given the observed bearish engulfing pattern and the subsequent rebound with a bullish engulfing formation, a potential strategy could involve a short-term long setup if price breaks above $0.0885 with volume confirmation. A stop-loss could be placed below $0.0875, with a target at $0.0890. Conversely, a short position could be considered if the 20-period MA ($0.0879) fails to hold and price retests $0.0872. The strategy hinges on the convergence of volume action with MACD and RSI for momentum confirmation.