ICON/Tether Market Overview for 2025-09-18

• ICON/Tether (ICXUSDT) traded in a tight range during early hours before breaking out to the upside, reaching a 24-hour high of $0.1327.
• Momentum remained mixed, with RSI hovering near overbought levels and MACD divergence suggesting potential pullback.
• Volume surged in midday trading, particularly between 18:00–20:00 ET, confirming bullish price action.
• Price remained within Bollinger Bands, with no clear contraction or expansion observed in volatility.
• A key 15-minute bullish engulfing pattern formed at $0.1291, followed by a sharp countertrend reversal.

24-Hour Price Summary

ICON/Tether (ICXUSDT) opened at $0.1275 on 2025-09-17 at 12:00 ET and closed at $0.1323 at 12:00 ET on 2025-09-18. The pair hit a high of $0.1327 and a low of $0.1267 over the 24-hour period. The total 24-hour volume was 1,508,808.9 units, with a notional turnover of approximately $199,432.74 (volume × average price).

Structure & Formations

The chart displayed a clear intraday consolidation pattern from 12:00–18:00 ET, followed by a strong bullish breakout. A 15-minute bullish engulfing pattern formed at $0.1291, indicating short-term buying pressure. However, a sharp bearish reversal followed as price failed to hold above $0.1300, resulting in a doji at $0.1303–$0.1305. Key support levels formed around $0.1298 and $0.1287, while resistance levels held at $0.1308 and $0.1315.

Moving Averages

On the 15-minute chart, price closed above both the 20 and 50-period moving averages by the end of the session, suggesting continued short-term bullish momentum. The 50-period MA acted as a dynamic support around $0.1297–$0.1299 during the consolidation phase. On the daily chart, ICXUSDT remains above the 50 and 100-period MAs, indicating an overall bullish bias over a longer timeframe.

MACD & RSI

MACD turned positive in the afternoon session, confirming the breakout from consolidation. However, the RSI reached overbought levels (above 65), suggesting the potential for a pullback. Divergence between the MACD and price was observed during the late afternoon, raising questions about the strength of the upward move. A bearish crossover is likely if price retests the 50-period MA.

Bollinger Bands

Price remained within the upper and lower Bollinger Bands for much of the session, with a brief expansion noted as price broke above the upper band in the early afternoon. The 20-period Bollinger Band width showed no major contraction, indicating steady volatility. Price currently sits near the upper band at $0.1323, suggesting a potential correction could follow.

Volume & Turnover

Volume surged in the 18:00–20:00 ET window, with over 466k units traded during that period. Turnover also spiked to over $58k, confirming the strength of the breakout. However, volume declined significantly in the last few hours of the session, which could indicate a lack of follow-through buying. A divergence between price and volume occurred after 21:00 ET, suggesting weakening momentum.

Fibonacci Retracements

The 15-minute swing from $0.1267 to $0.1327 showed a 38.2% retracement at $0.1304 and a 61.8% retracement at $0.1289. Price tested the 61.8% level before finding support and rebounding. On the daily chart, a key Fibonacci level at $0.1298 coincided with a strong support zone, indicating strong technical significance.

Backtest Hypothesis

A potential backtest strategy could involve entering long positions on the confirmation of a bullish engulfing pattern at key Fibonacci support levels, with a stop-loss placed below the recent swing low. The use of the 50-period moving average as a filter could help improve the signal-to-noise ratio, particularly in high-volume environments. This strategy could be backtested using daily and 15-minute data to assess its viability in different volatility regimes.