Internet Computer/Tether (ICPUSDT) Market Overview

Summary
• ICPUSDT opened at $6.503 and closed at $5.884, with a 24-hour high of $6.646 and low of $5.775.
• Price formed bearish patterns with a 20-period MA below the 50-period MA, indicating bearish bias.
• High volume surges were observed in early morning and afternoon ET, with notable divergences from price.

Internet Computer/Tether (ICPUSDT) opened at $6.503 on 2025-11-11 at 12:00 ET and closed at $5.884 on 2025-11-12 at 12:00 ET, hitting a 24-hour high of $6.646 and a low of $5.775. The total 24-hour volume was 10,213,789.71 ICP, with notional turnover of approximately $58,125,091.96 USD. The price action unfolded a clear bearish narrative amid high volatility and expanding Bollinger Bands.

Over the last 24 hours, ICPUSDT showed a strong breakdown trend, with key support levels forming at the 20-period and 50-period moving averages on the 15-minute chart. The 50-period MA crossed below the 100-period MA, suggesting a medium-term bearish setup. A notable bearish engulfing pattern was seen at the 2025-11-12 00:45 ET candle, signaling further downward pressure.

Bollinger Bands widened significantly during the early morning and late afternoon hours, indicating heightened volatility. Price traded below the lower band for several periods, reinforcing oversold conditions. The RSI dropped into oversold territory at 27–30, suggesting potential for a near-term bounce, although the bearish momentum remains strong as per the MACD histogram, which displayed negative divergence and a bearish crossover.

Fibonacci retracement levels were key in identifying possible support zones. The 61.8% level at around $5.88–$5.90 coincided with a consolidation period, suggesting a potential bounce area ahead. Notably, volume surged at key lows, confirming bearish sentiment. However, a divergence between price and volume at the $5.90–$5.95 level suggests caution for short sellers.

The bearish bias continues to dominate ICPUSDT, with price likely to test key support levels below $5.90 in the coming hours. A break below $5.775 could trigger deeper declines toward $5.60–$5.70, though a short-term rebound into the $5.95–$6.00 range is possible if the RSI rebounds from oversold territory. Investors should remain cautious as momentum indicators have not yet reversed.

Backtest Hypothesis
The MACD-based backtest strategy described in the input seeks to capture directional moves using the MACD line and signal line crossover on a 5-day holding basis. While the MACD was not available for a specific ETF due to a symbol issue, the ICPUSDT data here offers a clear example of bearish divergence in the MACD histogram and a bearish crossover. A similar strategy applied to ICPUSDT over the past 24 hours would have generated sell signals at the 00:45 ET candle and subsequent bearish confirmation at 05:15 ET. A full backtest of this approach would require a larger historical dataset and a confirmed ticker symbol for the intended ETF, but the ICPUSDT example demonstrates the value of confirming MACD signals with volume and price action.