Internet Computer/Tether (ICPUSDT) Market Overview

• ICP/USDT opened at $2.865 and closed at $2.969, forming a bullish reversal pattern with volume increasing to $419,749,500.
• The asset surged past 2.93 and 2.95 psychological levels amid rising volume, with RSI suggesting strong momentum.
• A 3.5% rise in 24 hours reflects buying pressure, but a potential pullback could test 2.90–2.88 support.
• Bollinger Bands show expansion as the price moves to the upper band, indicating high volatility.
• MACD crossed above zero, supporting the bullish trend, but divergence in volume may signal a short-term correction.

Internet Computer/Tether (ICPUSDT) opened at $2.865 on 2025-10-30 12:00 ET and closed at $2.969 by 12:00 ET on 2025-10-31 after a notable 3.5% upward move. The 24-hour high was $2.972, and the low was $2.789. Total volume amounted to 1,256,874.36, with a notional turnover of $3,663,590,760. The price formed a bullish reversal pattern from the $2.79 level before accelerating past key resistance levels of 2.93 and 2.95.

On the 15-minute chart, ICPUSDT is above both the 20-period and 50-period moving averages, suggesting a strong short-term bullish bias. The 50-period moving average on the daily chart is currently at $2.897, and the 200-period average is at $2.868, indicating a medium-term positive trend. The price action appears to be consolidating above the 50-day line, suggesting that bullish momentum may continue unless a significant bearish catalyst emerges.

MACD is positive and crossing above the zero line, which confirms the bullish bias and indicates rising momentum. The RSI stands at 58, showing moderate strength without entering overbought territory (above 70). Bollinger Bands are wide, with the price currently near the upper band, reflecting high volatility. This could indicate a potential pullback or consolidation phase in the near term. The price has not yet tested the 61.8% Fibonacci retracement level at $2.93, which may act as a short-term resistance before the 78.6% level at $2.96.

Fibonacci retracements drawn on the recent $2.789 to $2.972 swing show that ICPUSDT is currently at 78.6% of the upward move. This level could either offer resistance or serve as a pivot point if the price breaks through. Short-term support is at 38.2% ($2.889), which has been a key level in the past few hours. The 61.8% level at $2.93 remains critical to the continuation of the bullish momentum.

Looking ahead, ICP/USDT may continue to trend higher in the next 24 hours, but a pullback to the 38.2%–61.8% Fibonacci range could be expected. Investors should remain cautious of potential bearish divergence in volume and RSI as signs of exhaustion. A break below $2.90 would raise concerns about the sustainability of the current bullish phase.

Backtest Hypothesis

A proposed backtest strategy involves detecting the “Bullish Engulfing” candlestick pattern on ICP/USDT to assess its efficacy as an entry signal for a 3-day holding period. The strategy would require accurate identification of the pattern either via a reliable platform’s built-in detector or through manual detection using raw OHLC data. To proceed, confirmation of the preferred ticker (e.g., ICPUSDT on Binance) and detection method is needed to ensure data compatibility. Once validated, the backtest can be executed efficiently to determine the pattern’s performance across multiple cycles.