Internet Computer/Tether (ICPUSDT) Market Overview: 24-Hour Technical Breakdown

Summary

• ICPUSDT opened at $9.39 and closed at $7.512, declining amid rising volume and volatile swings.
• A deep pullback broke key support levels and formed bearish patterns like the engulfing and hanging man.
• RSI and MACD signaled oversold and bearish momentum, while Bollinger Bands showed a sharp volatility expansion.
• Volume spiked during the selloff, confirming bearish sentiment.
• Fibonacci retracements indicate potential support near $7.37–$7.28 and $7.07–$6.99 levels.

Internet Computer/Tether (ICPUSDT) opened at $9.39 on 2025-11-08 12:00 ET and closed at $7.512 on 2025-11-09 12:00 ET. The 24-hour period saw a low of $6.82 and a high of $9.535. Total volume was 35,351,449.34 ICP, and notional turnover amounted to $255,697,221.69. The price action reflected a sharp bearish reversal with several key technical implications.

Structure & Formations

The price structure over the past 24 hours revealed a clear breakdown from prior bullish ranges. A strong bearish engulfing pattern appeared around $9.00 on the 15-minute chart, followed by a hanging man and a long lower shadow near $8.75, suggesting a rejection of higher levels. On the daily chart, the price action broke below a key support at $8.95, triggering a steep correction down to $6.82. This move could indicate the start of a new bearish phase, with Fibonacci retracement levels likely to attract renewed selling pressure.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs moved sharply lower as the price collapsed below both. The 50-period SMA crossed below the 20-period SMA, confirming a bearish crossover. On the daily chart, the 50-period SMA was at $9.16, with the 100- and 200-period SMAs near $9.42 and $9.55, respectively. The price is now well below all three, which could reinforce bearish momentum if the 200-day SMA is not retested in the near term.

MACD & RSI

The MACD indicator showed a bearish crossover and a deep negative histogram that expanded through the selloff, confirming the strength of the bearish move. The RSI dropped into the oversold territory (below 30) for most of the period, suggesting the price may be overextended to the downside. However, RSI has not yet formed a bullish divergence, which means a rapid rebound is unlikely unless volume picks up dramatically on the next upward attempt.

Bollinger Bands

Bollinger Bands widened significantly during the selloff, indicating increased volatility. The price tested the lower band multiple times, with a sharp decline below it at around $7.00–$7.10. This suggests high volatility and a bearish bias. A rebound above the upper band is unlikely without a reversal in sentiment or a major external catalyst.

Volume & Turnover

Volume spiked during the major bearish breakouts, especially in the early morning hours (ET), when the price dropped below key support levels. This volume surge was accompanied by a corresponding rise in notional turnover, which confirms the strength of the move. However, the volume has since decreased, indicating reduced conviction in the bearish thesis. A divergence between price and volume could signal a potential near-term reversal or consolidation.

Fibonacci Retracements

Applying Fibonacci levels to the key swing from $6.82 to $9.535, the most immediate support is at 23.6% retracement near $8.02. However, the price already broke through that level, suggesting the next key support to watch is the 38.2% retracement at $7.37–$7.28. If this level fails, the 50% retracement is near $7.18, followed by 61.8% near $7.07–$6.99. A failure to hold these levels could trigger further bearish momentum.

Backtest Hypothesis

The backtesting strategy under consideration is focused on MACD signal lines, particularly the death cross (when the MACD line crosses below the signal line). Although direct MACD data for ICPUSDT could not be retrieved, we can infer that such a death cross likely occurred during the selloff between $9.00 and $7.00. A historical backtest of this type on similar pairs would involve entering short positions on confirmed bearish divergences and trailing stops near key support levels. This approach could be further refined by incorporating RSI oversold triggers and Fibonacci-based exits to manage risk and optimize position sizing.

Looking ahead, ICPUSDT may test the $7.07–$6.99 Fibonacci level over the next 24 hours, with a key risk of further breakdown if volume remains strong on lower closes. Investors should remain cautious and watch for any signs of a short-covering rally or a reversal in sentiment.