ICON/Tether (ICXUSDT) Market Overview: October 8, 2025

• ICON/Tether (ICXUSDT) traded between $0.1135 and $0.1177, closing near $0.1154 after a 24-hour consolidation phase.
• Momentum indicators suggest moderate bearish pressure, with RSI near oversold territory and MACD showing bearish divergence.
• Volatility expanded in the late hours, but volume failed to confirm significant directional moves.
• Price appears to be testing key support at $0.1150–$0.1146, with resistance forming around $0.1160–$0.1165.
• A breakdown below $0.1146 could target $0.1130, while a rebound above $0.1166 may trigger short-term bullish momentum.

ICON/Tether (ICXUSDT) opened at $0.1166 (12:00 ET - 1), reaching a high of $0.1177 and a low of $0.1135, closing at $0.1154 by 12:00 ET. The 24-hour volume was 1,669,985.3 units, with total turnover amounting to $211,849. The pair has shown a consolidation pattern amid a volatile close to the day.

Structure & Formations

Price has been trading within a defined range on the 15-minute chart, forming key support near $0.1150 and resistance at $0.1166. A bearish engulfing pattern formed at $0.1162 during the early hours of October 8, followed by a doji at $0.1146 suggesting indecision. A breakdown below $0.1146 may confirm a short-term bearish trend, with potential to target $0.1130 on continued pressure. A bullish reversal above $0.1166 may test $0.1173, a prior high.

Moving Averages

On the 15-minute chart, the 20-period MA is bearish and currently at ~$0.1159, while the 50-period MA is at ~$0.1160, indicating a neutral to bearish trend. On the daily chart, the 50-period MA is at ~$0.1165, and the 200-period MA is at ~$0.1169, suggesting the pair is below its longer-term mean, with potential for bearish continuation if key support levels are confirmed.

MACD & RSI

The MACD line turned negative during the latter half of the day, with a bearish cross forming as of 08:00 ET, reinforcing downside bias. RSI reached oversold territory near 30 during the overnight session, but price failed to produce a strong rebound. This divergence may signal caution for bulls. A sustained move above the 50-level could reinvigorate bullish momentum, but for now, momentum appears bearish and may continue to test lower support levels.

Bollinger Bands

Volatility expanded late in the day, with Bollinger Bands widening to reflect a range of $0.1130–$0.1180. Price closed near the lower band at $0.1154, indicating bearish bias. A breakdown below the lower band could signal increased bearish momentum, while a retest and close above the upper band may indicate a reversal. The current position within the bands suggests a continuation phase.

Volume & Turnover

Volume spiked during the late hours of October 8, particularly in the 09:00–10:00 ET timeframe, as price moved lower. Notional turnover also rose, confirming the bearish move. However, volume failed to confirm a strong rebound when price approached resistance at $0.1162. This divergence suggests that the bullish case remains unconfirmed. If volume continues to confirm bearish moves, a further drop may be likely.

Fibonacci Retracements

On the 15-minute chart, key Fibonacci retracement levels sit at $0.1156 (38.2%), $0.1152 (50%), and $0.1149 (61.8%) during the recent decline from $0.1177 to $0.1135. The price has found temporary support near the 61.8% level, but a breakdown below $0.1149 could trigger a deeper correction. On the daily chart, Fibonacci levels near $0.1152–$0.1146 may provide key support for the pair.

Backtest Hypothesis

The backtesting strategy suggests a mean-reversion approach, entering long positions when price breaks above the 20-period MA on the 15-minute chart with volume confirmation and RSI above 40. Short positions are triggered when price breaks below the 20-period MA, with RSI below 60 and confirmed by a bearish engulfing pattern. Over the past 24 hours, both signals were triggered, with the bearish case confirming with higher volume and lower RSI, aligning with the observed price action. This strategy may offer a data-driven approach for traders seeking to capitalize on short-term volatility and defined range-bound conditions.