Market Overview for ICON/Tether (ICXUSDT) – 2025-09-19

• ICON/Tether (ICXUSDT) dropped sharply from 0.134 to 0.130 after early morning strength.
• Volatility expanded during the session, with high volume driving sharp intraday corrections.
• RSI and MACD suggest potential oversold conditions late in the session, signaling possible bounce.
• Bollinger Bands contracted early but expanded with the selloff, suggesting increased uncertainty.
• Volume was uneven: early buying gave way to heavy selling in the afternoon, pointing to divergent sentiment.

At 12:00 ET on 2025-09-19, ICON/Tether (ICXUSDT) opened at 0.1333, hit a high of 0.1346 earlier in the session, fell to a low of 0.1283, and closed at 0.1291. Total volume for the 24-hour period was 969,169.9, with a notional turnover of $126,108. The pair experienced a broad range of volatility, punctuated by sharp intraday swings.

Structure & Formations

Price action displayed a bearish breakdown from key resistance at 0.1340, followed by a rapid move toward support at 0.1290–0.1300. A long-legged doji formed near 0.1340 in the early morning, signaling indecision. A bearish engulfing pattern appeared at 0.1334–0.1330 mid-session, reinforcing the downtrend. Key support levels now appear at 0.1290 and 0.1280, with resistance forming at 0.1305 and 0.1310.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs have both crossed below key price levels, reinforcing the bearish bias. The 200-period daily SMA remains above the current price at ~0.1330, suggesting a potential medium-term bearish setup if the 0.1280–0.1290 support zone fails.

MACD & RSI

The 15-minute MACD crossed below the signal line during the selloff, confirming bearish momentum. RSI dropped below 30 in the afternoon, suggesting oversold conditions. However, divergence between RSI and price during the sell-off raises questions about the sustainability of the bounce. A retest of the 0.1300–0.1305 level could see RSI rebound into neutral territory, supporting a short-term bounce.

Bollinger Bands

Bollinger Bands were in contraction during the early hours, indicating low volatility. The price then broke through the lower band with a sharp move to 0.1283, suggesting a volatility expansion and increased bearish pressure. Price has since moved back toward the middle band, with potential for a rebound toward the upper band on a short-term basis.

Volume & Turnover

Volume surged in the afternoon, with a spike of 126,089.7 at 15:15 ET as price fell toward 0.1285. This volume confirmed the selloff rather than diverging from it, reinforcing the bearish move. Turnover also spiked during the same period, aligning with the price action. However, volume has since moderated, suggesting a potential pause in the downtrend.

Fibonacci Retracements

Applying Fibonacci levels to the 0.1346–0.1283 move, key retracement levels now sit at 0.1316 (38.2%) and 0.1305 (61.8%). The price has stalled near the 0.1305 level, which could act as a short-term support and potential trigger point for a rebound. A failure to hold this level would likely bring the 0.1292–0.1285 range into focus.

Backtest Hypothesis

Given the bearish engulfing pattern and the RSI dipping into oversold territory, a potential backtest strategy could involve a long-position reversal trade at the 0.1290–0.1300 support zone, with a stop-loss below 0.1280 and a target near 0.1305–0.1310. This setup would align with the RSI and MACD signals, aiming to capture a short-term bounce while managing risk through a tight stop. A trailing stop could also be activated if the price retests and holds above 0.1305.

Looking ahead, traders should monitor the 0.1300–0.1305 range for signs of a reversal or continuation of the selloff. A close above 0.1305 with rising volume could indicate a short-term bounce, but bearish pressure remains high if the 0.1280 level breaks. Investors should remain cautious given the high volatility and mixed momentum signals.