Internet Computer/Tether (ICPUSDT) Market Overview: Volatility Rises as Price Tests Key Resistance

• Internet Computer/Tether (ICPUSDT) traded in a 24-hour range of $3.02–$3.14, closing near the upper end with strong volume in the final hours.• Momentum showed late-day strength as price broke above key swing highs, while RSI suggests moderate overbought conditions.• Bollinger Bands widened overnight, indicating increasing volatility, with price closing near the +1σ level.• Volume spiked in the 12:00–18:00 ET window, coinciding with a rebound off support around $3.00–$3.02.• A potential bullish reversal pattern formed near $3.00–$3.02, but no classic bullish engulfing pattern emerged over the 24-hour window.

Internet Computer/Tether (ICPUSDT) opened at $3.03 on October 23, 2025 (12:00 ET–1), reached a high of $3.14, a low of $2.99, and closed at $3.10 by 12:00 ET on October 24. Total volume was 812,345.64, with a notional turnover of $2,478,123.69, showing a marked increase in participation during the 24-hour period.

Structure and formations show ICPUSDT consolidating above a key support cluster between $3.00 and $3.02, which held firm overnight. Price action from 23:00–04:00 ET reflected a sharp rebound from this level, forming a potential bullish reversal. However, no classic bullish engulfing pattern emerged over the period. A doji appeared at $3.026 at 20:30 ET, indicating indecision, while the morning session saw a series of bullish bodies breaking above $3.05. Resistance levels at $3.06 and $3.10–$3.12 appear relevant, with the latter showing consolidation and a strong close at $3.10.

Moving averages suggest a short-term bullish tilt. The 20-period and 50-period moving averages on the 15-minute chart are aligned in an upward bias, with price hovering above both by the close. On the daily chart, the 50-period MA at $3.05 and the 200-period MA at $2.95 indicate a stronger medium-term trend. The price-to-MA spread has widened slightly, suggesting a possible pullback or consolidation phase in the near term.

MACD showed a positive divergence in the 12:00–06:00 ET window, with the histogram expanding as price pushed higher. RSI reached 67 by the close, indicating moderate overbought conditions but not extreme levels that would suggest a reversal. A divergence in RSI appeared in the 18:00–20:00 ET window as price dipped but RSI remained elevated.

Bollinger Bands widened overnight, with volatility increasing as price moved from $3.00 to $3.14. By 12:00 ET, ICPUSDT closed near the +1σ level, suggesting a potential for a consolidation or pullback toward the midline at $3.06. No significant contraction was observed, indicating ongoing market participation and uncertainty.

Volume was concentrated in the 12:00–18:00 ET window, with the largest spike at 20:00–22:00 ET as price rebounded off the $3.00–$3.02 support. Notional turnover mirrored this pattern, showing a clear correlation with price action. A divergence occurred briefly at 19:30–20:00 ET when price dipped to $3.04 but volume remained low. This could indicate limited participation or a test of the support area.

Fibonacci retracement levels from the overnight swing (low of $2.99 to high of $3.14) show 38.2% at $3.06 and 61.8% at $3.10. Price closed near the 61.8% level, suggesting a strong short-term trend but raising the possibility of a pullback toward the 38.2% area. On the daily chart, a larger Fibonacci move from $2.95 to $3.10 shows 38.2% at $3.02 and 61.8% at $2.98—both of which appear to be holding as key levels.

Backtest Hypothesis
The absence of any valid "Bullish Engulfing" signals for Internet Computer/Tether (ICP/USDT) from January 1, 2022, through today raises questions about the utility of this pattern in capturing reversal opportunities in the pair. This suggests either a structural difference in price behavior or a need to adjust pattern recognition criteria. Relaxing the engulfing pattern rules—such as accepting partial body overlap or allowing intra-day price alignment—might yield actionable signals. Alternatively, testing alternative bullish reversal setups—such as the Hammer, Morning Star, or RSI-based oversold bounces—could offer viable entry triggers. Extending the data sample to include 2021 or testing a different asset within the same sector could also provide insights into whether the lack of signals is a broader trend or specific to ICP/USDT.