ICON/Tether Market Overview – 2025-11-02

• ICON/Tether traded in a narrow range today, with price consolidating between 0.0824 and 0.0862.
• Key resistance emerged around 0.086, with bearish rejection observed after brief tests.
• Volatility dropped significantly in the last 4 hours, with price settling near 0.0849.
• RSI suggests moderate oversold conditions, while MACD remains negative with shrinking bearish divergence.
• Heavy volume in the 0300–0600 ET window indicates a potential reversal attempt ahead.

ICON/Tether (ICXUSDT) opened at 0.0850 on 2025-11-01 at 12:00 ET and reached a high of 0.0862 before closing at 0.0849 on 2025-11-02 at 12:00 ET. The price moved within a 0.0824–0.0862 range over the 24-hour period. Total volume amounted to 1,452,599.2 ICX, while notional turnover was approximately $122,637.3 (based on average price of ~$0.0844).

Structure & Formations

The price structure of ICON/Tether today is defined by a key resistance cluster around 0.086 and a strong support at 0.0847–0.0849. A bearish rejection pattern formed at the 0.086 level, marked by a long lower wick and bearish engulfing candle. The formation of a small bearish engulfing pattern at 0.0859–0.0857 (on the 0630–0700 ET candle) indicates potential continuation of the bearish bias. A doji at 0.0848 (0145–0200 ET) suggests indecision at the lower end of the range. The price appears to be consolidating within a tight range, with a possible breakdown to the downside likely if 0.0844 is breached.

Moving Averages

The 15-minute chart shows the price trading below both the 20-period and 50-period SMAs, with the 50-period line slightly dipping into bearish territory. On the daily chart, the price sits below the 50, 100, and 200-period SMAs, reinforcing a bearish trend. The convergence of the 50 and 100-period lines near 0.0855 suggests a potential zone of interest if the price rebounds. The 200-period SMA remains a critical long-term bearish marker at ~0.0858.

MACD & RSI

MACD remains bearish, with the line crossing below the signal line in the morning, forming a bearish crossover. The histogram shows a shrinking bearish divergence, suggesting a potential slowdown in the downward momentum. The RSI has moved into the 30–35 range, indicating oversold conditions but not yet triggering a buy signal. The RSI’s inability to break above 40 suggests a lack of bullish conviction. If the RSI can retest the 30 level without a meaningful rebound, it may signal a deeper correction.

Bollinger Bands

The Bollinger Bands on the 15-minute chart show a moderate contraction in the last 3 hours, indicating reduced volatility. The price is currently trading near the lower band (0.0847), suggesting a potential bounce or a breakdown. Earlier in the day, a volatility expansion occurred between 0400–0700 ET, coinciding with a strong move toward 0.0862. The current position near the lower band could either trigger a short-term rebound or a continuation of the downtrend, depending on volume and order flow.

Volume & Turnover

The highest volume occurred during the 0400–0600 ET period, coinciding with a sharp pullback from the 0.0862 peak to 0.0845. This volume surge validates the bearish breakdown. In contrast, volume dropped significantly in the last 4 hours, with a 23% decline in average 15-minute volume compared to the morning session. The lower volume in the afternoon and evening suggests waning bearish momentum. However, turnover increased slightly in the last hour, indicating some accumulation at lower levels.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 0.0844–0.0862 swing, the 0.0853 level (61.8% retrace) acted as a temporary support/resistance. The price bounced off this level twice, suggesting it is a critical area for near-term action. A breakdown below 0.0844 would extend the move to the next Fibonacci level at 0.0839. If the price bounces from 0.0844–0.0847, the 0.0853–0.0856 range becomes a key target for short-term bulls.

Backtest Hypothesis

For a potential backtesting strategy on ICX/USDT, one could focus on bearish engulfing patterns occurring near the 50-period SMA on the 15-minute chart. The bearish engulfing candle observed at 0630–0700 ET aligns with this condition and was followed by a moderate downward move. If the pattern appears near or above a key resistance level and is confirmed by a drop in RSI and rising MACD histogram divergence, it could serve as a sell entry. Stop-loss placement could be set above the high of the engulfing pattern, with a target at the next Fibonacci level or the 20-period SMA. However, given the low volume in recent hours, caution is warranted as the pattern may not hold in a low-liquidity environment.