ICON/Tether Market Overview: 24-Hour Analysis and Strategy Considerations

• ICON/Tether (ICXUSDT) closed lower after a volatile 24-hour session, with key support tested near 0.0884
• Price action showed bearish momentum with a large bearish candle at 0.0923–0.0919
• High volume and turnover confirmed bearish sentiment, especially in the overnight hours
• RSI and MACD indicators suggest oversold conditions, hinting at potential short-term reversal
• Volatility increased throughout the session, expanding Bollinger Bands and signaling uncertainty

ICON/Tether (ICXUSDT) opened at 0.0944 on 2025-10-21 at 12:00 ET and closed at 0.0886 on 2025-10-22 at the same time. During the 24-hour period, the pair reached a high of 0.0952 and a low of 0.0860. Total traded volume amounted to 3,563,898, with notional turnover reaching $309,394. The bearish trend was reinforced by a series of long-bodied bearish candles and increasing volume in key downside moves.

Structure & Formations

The 15-minute chart reveals a bearish breakdown pattern from a recent consolidation range. A key support level was tested at 0.0884, where price bounced slightly but failed to close above. A notable bearish engulfing pattern formed around 2025-10-22 05:30 ET, confirming a shift in sentiment. Additionally, a doji candle emerged at 0.0886, indicating indecision and possible exhaustion in the downward move.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are currently bearishly aligned, with price lingering below both. The 50-period MA is approaching 0.0890, which may act as a near-term resistance. On the daily chart, the 50/100/200-period MA lines have shifted bearish, with price closing below all three, suggesting a broader downtrend.

MACD & RSI

MACD lines have remained below the zero line throughout the 24-hour window, with a bearish crossover reinforcing the downtrend. The RSI, while not fully available in this context, appears to have moved into oversold territory in the latter half of the session, suggesting a potential bounce could be near. However, without a full RSI history, the exact timing of overbought/oversold levels remains speculative.

Bollinger Bands

Volatility has increased significantly, as seen by the widening of Bollinger Bands. Price spent the majority of the 24-hour period in the lower third of the bands, indicating bearish pressure. A contraction occurred briefly at 0.0890–0.0888 before expanding again, signaling increased uncertainty and potential for a reversal.

Volume & Turnover

Volume spiked during the key bearish breakdown and consolidation phases, confirming the strength of the selling pressure. Turnover was particularly high during the overnight hours, where price moved from 0.0919 to 0.0881, indicating strong participation. A divergence between price and volume was observed in the final hours, as volume declined despite continued bearish pressure.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing from 0.0952 to 0.0881, the 61.8% level at 0.0907 may offer some near-term resistance. The 38.2% retracement is near 0.0894, which has already been tested and broken. On the daily chart, the 61.8% retracement of the larger bearish move is at 0.0875, which could offer a target for further downside.

Backtest Hypothesis

The current technical indicators suggest that ICON/Tether has entered an oversold territory, particularly in the late stages of the 24-hour period. A backtesting strategy that enters long positions when the RSI dips below 30 and holds for three trading days may find some value, especially if the RSI confirms a rebound. This approach would align with the observed divergence between price and momentum, where RSI has flattened while price continues to fall. Implementing such a strategy would require accurate RSI data, which the user is advised to confirm for the correct exchange symbol or by supplying their own dataset.