Internet Computer/Tether 24-Hour Market Overview

• Internet Computer/Tether fell 18.1% in 24 hours, with price dropping from $4.253 to $3.304.
• Momentum indicators suggest bearish continuation, with RSI in oversold territory.
• Bollinger Bands show price testing the lower band, indicating heightened volatility.
• Volume increased sharply during the price breakdown, confirming bearish pressure.
• Fibonacci retracement levels highlight key support at ~$3.00 and resistance at ~$3.70.

Internet Computer/Tether (ICPUSDT) opened at $4.253 on October 10, 2025 (12:00 ET − 1), and closed at $3.304 on October 11, 2025 (12:00 ET), after reaching an intraday high of $4.28 and a low of $1.16. Over the 24-hour period, total trading volume was 12.5 million ICP, and notional turnover reached $35.8 million. The sharp selloff and subsequent partial recovery reflect heightened bearish momentum and volatile market behavior.

Price action over the 24 hours shows a bearish breakdown from a key resistance cluster around $4.20–$4.28. A large bearish engulfing candle formed around 19:30 ET, confirming a shift in sentiment. A doji formed near the $3.30 level, indicating short-term indecision. The 20-period and 50-period moving averages on the 15-minute chart both sit below the current price, reinforcing a bearish bias. The daily 50-period MA is also below the 100-period and 200-period MAs, suggesting intermediate-term bearishness.

Momentum indicators show RSI in oversold territory (~30), indicating possible near-term support. However, MACD remains bearish with both the line and signal line below zero. Bollinger Bands show price trading near the lower band for much of the session, reflecting strong bearish pressure. Volatility spiked during the breakdown and has remained elevated. Notional turnover increased during the selloff, aligning with price action and validating bearish momentum.

The Fibonacci retracement levels for the recent $4.28–$1.16 swing show key support at 61.8% (~$3.00) and resistance at 38.2% (~$3.70). A retest of the $3.00 level could confirm a deeper bearish move, while a break above $3.70 could trigger a countertrend bounce. Volume and turnover remain strong during price declines but moderate during attempts to rally, suggesting continued bearish control.

Backtest Hypothesis
A potential backtesting strategy for this market context could involve a short bias on a break of the $3.30 level, with a stop above $3.40 and a target at $2.80. This approach would aim to capture the continuation of bearish momentum confirmed by the engulfing candle and oversold RSI. The strategy could also include a long entry on a bullish reversal near the $2.80 support level, with a stop below that and a target at $3.40. Historical data on similar breakdowns and reversals in ICPUSDT would be essential to validate entry and exit rules before live deployment.