ICPUSDT Breaks Key Support Amid Oversold RSI and Surging Turnover

Summary
• Price action formed a bearish reversal pattern near $2.545 and broke key support at $2.475.
• Momentum shifted lower with RSI entering oversold territory and declining volume at lower levels.
• Bollinger Bands tightened mid-day before a sharp drop, signaling increased volatility ahead.
• Turnover spiked during the late-night sell-off, suggesting heightened participation in the downward move.
• Fib levels suggest potential bounce near $2.45 or further decline toward $2.41 on a breakdown.

24-Hour Summary

Internet Computer/Tether (ICPUSDT) opened at $2.534 on 2026-02-06 at 12:00 ET and closed at $2.460 on 2026-02-06 at 12:00 ET. The pair hit a high of $2.576 and a low of $2.413 during the 24-hour period. Total volume reached 2,808,208.83, and notional turnover hit $6,924,019.30, reflecting strong activity amid volatile price swings.

Structure & Formations

Price formed a bearish reversal top pattern near $2.545, followed by a break of key support at $2.475, triggering a deep pullback into the $2.41 area. A long bearish candle at $2.441 suggests potential exhaustion, though a lower wick may indicate short-covering or tentative buying.

Moving Averages

On the 5-minute chart, price closed below both the 20-period and 50-period moving averages, reinforcing a near-term bearish bias. The daily timeframe shows the 50-period MA at ~$2.495, with price now below it, potentially confirming a shift in trend.

Momentum and Volatility

Relative Strength Index (RSI) hit oversold levels near 30, suggesting a possible short-term bounce. However, momentum has weakened, with MACD showing a bearish crossover and a flattening histogram. Volatility surged during the early morning selloff, with Bollinger Bands expanding and price testing the lower band at $2.41–$2.42.

Volume and Turnover

Volume remained elevated through the late-night sell-off, peaking at over 800,000 units during the $2.44–$2.49 range. Turnover spiked to over $2 million in a single 5-minute interval, reinforcing the bearish conviction. However, volume dropped off after the breakdown, hinting at potential short-term consolidation or a test of buying interest.

Key Levels and Fibonacci

Fibonacci retracements drawn from the $2.413 low to the $2.576 high suggest key levels to watch: 38.2% at $2.483, 50% at $2.495, and 61.8% at $2.507. A bounce from the 38.2% level may test those higher Fib levels, while a break below $2.413 could target the next support at $2.39–$2.40.

Price appears to be consolidating near the $2.41–$2.42 range, and a decisive break of that area could increase the risk of a deeper correction. Investors should closely monitor volume and momentum divergence to assess the likelihood of a rebound.