ICON/Tether (ICXUSDT) Market Overview

• ICON/Tether (ICXUSDT) traded in a 24-hour range of $0.1162–$0.1188 with a closing price of $0.1183, up from $0.1163.
• Price consolidated in a tight channel during the overnight hours before resuming bullish momentum post-ET.
• Notable bearish divergence appeared in RSI and MACD before a sharp rebound, suggesting buyer resilience.
• Volume and turnover increased during the afternoon-early evening ET, aligning with price strength in a key 0.1180–0.1185 breakout.
• Volatility expanded in the latter half of the 24 hours, evident in Bollinger Band widening and increased range candles.

ICON/Tether (ICXUSDT) opened at $0.1163 on 2025-09-22 at 12:00 ET and closed at $0.1183 on 2025-09-23 at 12:00 ET, reaching a high of $0.1188 and a low of $0.1162. The pair saw a 24-hour volume of ~1.27 million ICX and a turnover of approximately $152,000. Price action revealed a strong reversal from a key support level around $0.1165–0.1170, followed by a steady climb toward resistance at $0.1184–0.1188, where consolidation has begun.

Structure & Formations

Price formed a bearish engulfing pattern at the morning low of $0.1163, signaling possible bearish exhaustion. A strong bullish reversal followed with a bullish engulfing at $0.1180–0.1185 and a higher low structure. A doji formed near the high of $0.1188 during the final 15-minute candle, suggesting indecision. Key support levels are at $0.1170 and $0.1165, while resistance remains at $0.1188–0.1190. The 61.8% Fibonacci level of the recent low-to-high move aligns with $0.1185, acting as a critical near-term level.

Moving Averages

On the 15-minute chart, price closed above the 20 and 50 SMA, with a bullish crossover between the 20 and 50 SMA occurring in the afternoon. The daily chart shows price above the 50 SMA, with a potential crossover above the 100 and 200 SMA in the near term. This suggests a continuation of the short-term bullish trend and increasing alignment with medium-term momentum.

MACD & RSI

MACD showed a bullish crossover in the afternoon, with positive divergence forming after a sharp bearish pullback. RSI bottomed at 30 during the overnight low and climbed to 60 by the close, indicating moderate bullish momentum and no overbought conditions. However, the RSI divergence before the bullish reversal suggests a potential turning point in sentiment.

Backtest Hypothesis

Given the recent MACD crossover and RSI divergence, a buy strategy could be backtested where a long position is entered on a close above the 20 SMA with confirmation from RSI crossing back above 40, with a stop-loss placed below the recent swing low at $0.1170. A take-profit level could be set at $0.1188–0.1190, aligning with the 61.8% Fibonacci level. This setup would aim to capture a continuation of the bullish trend post-correction, leveraging the identified technical conditions and volume confirmation.

Bollinger Bands

Volatility expanded as the Bollinger Bands widened during the afternoon and early evening, with price testing the upper band at $0.1188. This indicates increased buying pressure and a shift in market sentiment. A contraction in band width was observed during the overnight hours, suggesting a potential setup for a breakout. Currently, price sits near the upper band, but without a clear break above it, suggesting buyers are cautious.

Volume & Turnover

Volume spiked during the afternoon-early evening hours (17:00–22:00 ET), with a large candle (17:00–17:15) showing 218,130.8 ICX traded and a $0.1163 close. Turnover increased significantly during this period, with price rising in tandem, indicating strong accumulation. A divergence appears in volume during the late morning (19:00–20:00 ET), where price declined but volume increased, suggesting bearish pressure was met with buying interest.

Fibonacci Retracements

The recent low-to-high swing (0.1162–0.1188) produced key levels at 38.2% ($0.1175) and 61.8% ($0.1185). The 61.8% level coincided with the current consolidation area and has been tested twice without a break. A failure to hold above this level could see a retest of $0.1175. On the daily chart, a 61.8% level of a broader swing could be at $0.1192, indicating the next major target if the bullish trend continues.

Looking ahead, ICON/Tether appears poised to test the $0.1188–0.1190 resistance range, with the potential for a breakout if buyers commit. However, a failure to hold above $0.1185 could invite profit-taking and a pullback toward $0.1170. Investors should monitor volume and RSI behavior for confirmation of the next directional move. As always, the market remains subject to sudden volatility due to broader crypto market sentiment or unexpected news.