Internet Computer/Tether Market Overview

Summary
• ICPUSDT dropped 4.2% over 24 hours, closing at $4.941 from $5.149.
• High volatility and volume spikes signal bearish momentum with MACD divergence.
• Key support appears near $4.80, with Fibonacci retracement aligning with RSI oversold levels.

Market Overview

Internet Computer/Tether (ICPUSDT) opened at $5.149 on 2025-11-05 and closed at $4.941, with a high of $5.670 and a low of $4.754 in the 24-hour period. Total volume reached 14.8 million ICP, and notional turnover amounted to approximately $74.8 million. The price action reflects aggressive selling pressure and signs of bearish exhaustion in key resistance zones.

Structure & Formations

The price structure shows a strong bearish bias, with ICPUSDT breaking below a key support zone around $5.00. The formation of several bearish engulfing and dark cloud cover patterns in the early part of the 24-hour period confirmed the shift in sentiment. A critical support level appears at $4.80, with a 61.8% Fibonacci retracement aligning near this area.

Resistance Levels

Key resistance levels are seen at $5.05 and $5.25, which were tested and rejected during the 24-hour period. A successful close above these levels could indicate a reversal of the current bearish trend.

Support Levels

Support appears to be consolidating around $4.80–$4.75. A break below $4.75 could trigger further downside to the 38.2% Fibonacci level at $4.60.

Moving Averages

On the 15-minute chart, the 20- and 50-period SMAs have crossed into bearish alignment, with the price trading below both indicators. Daily moving averages (50/100/200) remain in bearish order, reinforcing the medium-term downtrend.

MACD & RSI

The MACD line has crossed below the signal line, with bearish divergence emerging from a lower high in price against a higher high in the histogram. RSI is in oversold territory at 28, but divergence in price and oscillator suggests caution in interpreting a potential rebound as a reversal.

Bollinger Bands

The price has been fluctuating near the lower band of the Bollinger Bands for much of the 24-hour period, indicating a contraction in volatility followed by a sharp expansion. This suggests increased uncertainty in the market, with potential for either a bounce or a deeper correction depending on volume action.

Volume & Turnover

Volume spiked during the early part of the 24-hour period when ICPUSDT broke below the $5.00 level, signaling bearish conviction. However, recent volume has decreased despite the continued price decline, which may suggest exhaustion. Turnover has remained elevated, but a divergence in price and volume could hint at a short-term bounce.

Fibonacci Retracements

The most recent swing high of $5.670 and swing low of $4.754 define a key retracement structure. The price is currently near the 61.8% retracement level at $4.80, which appears to offer temporary support. A break below this level would target the 78.6% retracement at $4.65.

Backtest Hypothesis

A backtest of the Bearish Engulfing candlestick pattern could offer insights into short-term sell opportunities, particularly in high-volume setups where the pattern is confirmed by a close near the session low. Given the current bearish bias and recent volatility, identifying these patterns in raw 15-minute OHLC data could help validate key entry points for short-term bearish strategies. A clean, in-line detection of these signals from the provided dataset would allow for an accurate assessment of the pattern's predictive power over the past 24 hours.

A chart showing the 24-hour price movement of ICPUSDT with Bollinger Bands and Fibonacci retracement levels highlighted, along with bearish candlestick patterns marked at key price points.

An annotated candlestick chart with resistance and support levels, MACD and RSI indicators, and volume profiles showing key divergences and spikes.