ICON/Tether (ICXUSDT) Market Overview

Summary
• Price declined from 0.0728 to 0.0724 on 24-hour chart with moderate volume.
• A sharp drop occurred around 20:30 ET, followed by a partial rebound.
• Volatility expanded as price hit a swing low of 0.0674 and a high of 0.0744.
• MACD and RSI data could not be retrieved for further momentum insights.

ICON/Tether (ICXUSDT) opened at 0.0728 on 2025-11-04 at 12:00 ET, peaked at 0.0744, and closed at 0.0724 by 12:00 ET on 2025-11-05. Total volume reached 6,386,211.7 ICX over the 24-hour period, with notional turnover amounting to $436,299.10.

Structure & Formations

Price action featured a broad bearish trend with multiple intraday corrections. A key swing low at 0.0674 marked the lowest point, followed by a gradual recovery toward 0.0724. A bearish engulfing pattern was visible between 20:30 ET and 20:45 ET as price collapsed from 0.0707 to 0.0695. A bullish reversal pattern later emerged between 14:00 and 14:15 ET, with price bouncing from 0.0727 to 0.0729.

Moving Averages

On the 15-minute chart, price spent the majority of the session below both the 20-period and 50-period moving averages, confirming bearish bias. On the daily chart, the 50-period MA remains above the 100- and 200-period lines, though the 50 MA has begun to slope downward, signaling potential short-term weakness.

Bollinger Bands & Volatility

Volatility expanded significantly during the session, with Bollinger Bands widening after the 20:30 ET low. Price moved deep into the lower band for a short period but recovered toward the middle band as the session progressed. A contraction in the bands is visible around 06:00–08:00 ET, indicating a potential consolidation period.

Volume & Turnover

Volume surged at the key 20:30 ET low as price dropped below 0.0700, signaling distribution. Turnover was most active during the bearish leg of the move, peaking around 20:30 ET. Volume diverged from price during the 03:00–05:00 ET consolidation period, suggesting weak conviction in the recovery.

Fibonacci Retracements

On the 15-minute chart, price tested the 61.8% retracement level of the 0.0674–0.0744 swing twice, at 0.0718 and 0.0721. The 38.2% level at 0.0728 held for a short time before price fell below. Daily Fibonacci levels remain unconfirmed due to the absence of full daily bars in the dataset.

Backtest Hypothesis

The retrieval of MACD data failed due to an invalid symbol format or a transient API issue. To proceed, the symbol could be retried using variants such as “ICX-USDT” or “ICXUSDT.BINANCE.” Alternatively, if MACD data is provided externally, a backtest strategy could evaluate buy signals on MACD golden crosses and sell on death crosses. Given the recent price behavior, a golden cross would have signaled entry between 08:30 and 10:00 ET, while a death cross may have triggered a sell signal at 20:30 ET. Further testing would require full MACD time series.