Internet Computer Market Overview: ICPUSD 24-Hour Technical Analysis

• ICPUSD declined from a 24-hour high of $5.13 to a low of $4.915, closing at $4.915 at 12:00 ET.
• A key bearish reversal was formed at 2025-08-28 20:30, with volume surging to 1.0 as price dropped 1.48%.
• Volatility spiked during the overnight session, with a 3.86% range from $5.026 to $5.13.
• A strong 61.8% Fibonacci retracement level at $4.969 was broken during the 24-hour window.
• Turnover remained subdued, with no significant divergences in volume-price action.

Internet Computer (ICPUSD) opened at $5.086 on 2025-08-28 12:00 ET and closed at $4.915 by 12:00 ET on 2025-08-29. The pair reached a high of $5.13 and a low of $4.915, with total traded volume of approximately 561.5 ICP and an estimated turnover of $2,819.00 (based on average price and volume). Price exhibited bearish momentum throughout the session, particularly during the late U.S. evening and overnight hours.

Structure & Formations

The session began with a tight, sideways consolidation from $5.083, but key bearish action emerged at 2025-08-28 20:30 when price dropped 1.48% to $5.026 with a volume of 1.0. This marked the start of a significant downtrend. A large bearish engulfing pattern formed during the session between 2025-08-28 20:30 and 2025-08-28 22:30 as price retested $5.026 and closed near the low. A further breakdown occurred after 01:15 ET on 2025-08-29 when price dropped from $5.13 to $5.08, and later gapped down to $4.954. A bearish inside bar at 2025-08-29 13:15 ET confirmed continued weak sentiment.

Moving Averages & Bollinger Bands

On the 15-minute chart, the 20- and 50-period moving averages were in bearish alignment, with price closing below both by over 1.5%. On the daily chart, the 50- and 200-day moving averages also appear bearish, with price below both. Bollinger Bands expanded during the overnight sell-off, reflecting heightened volatility. Price remained in the lower band during the final hours, suggesting a period of consolidation at the bottom of the trading range.

MACD & RSI

The MACD was bearish and trending downward during the key sell-off, with a histogram showing declining momentum. The RSI dropped below 30 during the 01:15–01:45 ET window, indicating oversold conditions; however, price continued lower, suggesting bearish exhaustion was not enough to spark a reversal. This could imply deeper bearish conviction or a lack of buying interest at lower levels.

Volume & Turnover

Volume spiked to 1.0 at 2025-08-28 20:30 and then surged again to 22.0 at 2025-08-29 15:30, signaling key breakdown points. However, notional turnover remained relatively low, especially during the initial breakdown phase. This lack of strong buying interest could limit near-term bounce potential. Divergences between volume and price were not observed during the session, suggesting price action was generally confirmed by volume.

Fibonacci Retracements

Applying Fibonacci to the 24-hour move from $5.13 to $4.915, key retracement levels include $5.053 (23.6%), $5.019 (38.2%), and $4.969 (61.8%). Price broke below the 61.8% level at $4.969 during the final hours, indicating bearish exhaustion. A potential short-term bounce may test $4.969–$5.019 for signs of support.

Backtest Hypothesis

The technical indicators and volume patterns in this 24-hour window suggest a potential for a backtesting strategy focused on RSI-oversold conditions and short-term price recovery. The RSI briefly dipped below 30, a potential buy signal, but failed to generate a strong reversal. A 3-day-hold strategy entering at the RSI signal could be evaluated to determine whether such conditions, combined with volume confirmation, can reliably yield a profit. Given the observed lack of immediate buying interest, a backtest on ICPUSD or similar volatile altcoins could reveal insights into the efficacy of oversold RSI as a trigger in bearish markets.