Market Overview for ICON/Tether (ICXUSDT) on 2025-09-24

• ICON/Tether (ICXUSDT) rose 0.68% over 24 hours, closing near a minor resistance level.
• Price tested a 0.1175–0.1195 range repeatedly, with a late-day breakout to 0.1205.
• Volume surged in the last 4 hours, confirming bullish momentum.
• RSI and MACD signaled potential overbought conditions near a key psychological level.
• Volatility expanded as price broke out of a tight Bollinger Band consolidation.

ICON/Tether (ICXUSDT) opened at $0.1186 on 2025-09-23 12:00 ET and closed at $0.1193 on 2025-09-24 12:00 ET, reaching a high of $0.1205 and a low of $0.1148. Total volume for the 24-hour period was 749,144.3 ICX, and notional turnover amounted to approximately $88,442.7 USD. The pair appears to be consolidating within a defined price range, with a late-day breakout indicating a shift in sentiment.

Structure & Formations

The 24-hour price action displayed a clear bullish bias, with a series of higher lows forming from 0.1175 up to 0.1195. A small bearish engulfing pattern appeared at 0.1175 during the early hours, but it was quickly reversed by a strong rebound. A bullish harami pattern emerged after the 0.1194 high, suggesting indecision but ultimately a continuation of the upward trend. Price found key support at 0.1175 and 0.1167, with the latter tested twice in the late hours before a sharp recovery. A potential key resistance level appears at 0.1205, where a minor consolidation phase occurred.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages converged near $0.1188–0.1190, with price holding above both during the final hours. This suggests a potential short-term bullish bias. On the daily timeframe, price is above the 50-period MA at $0.1185 and near the 100-period at $0.1182, with the 200-period MA at $0.1178 offering a longer-term baseline. The upward slope of the MAs supports a continuation of the current rally.

MACD & RSI

The MACD crossed into positive territory during the final 4 hours of the 24-hour period, confirming bullish momentum. A bullish divergence appeared in the final 15-minute candles, as RSI dipped below 60 while price continued higher, indicating strong buying pressure. The RSI reached a peak of 65, signaling near-overbought conditions, particularly after the breakout to 0.1205. However, the index did not reach 70, suggesting that overbought conditions are not yet extreme. A minor overbought threshold was crossed at 61.8% Fibonacci retracement (0.1205), aligning with the breakout.

Bollinger Bands

Volatility expanded significantly in the final 2 hours of the 24-hour period as price broke out of a narrow Bollinger Band consolidation. The upper band sat at 0.1203, closely matching the 0.1205 high. Price traded above the upper band for a short period, indicating a potential breakout. The middle band at 0.1190 aligned with the 50-period MA, reinforcing a key short-term support/resistance level. The widening bands suggest increasing market participation and volatility.

Volume & Turnover

Volume increased significantly during the last 4 hours, with the largest single 15-minute candle (0.1198–0.1205) showing a volume of 40,849.4 ICX and a notional turnover of $4,901.9 USD. This aligns with the price breakout and suggests strong confirmation of the bullish move. Notional turnover rose in tandem with price, indicating no significant divergence between volume and price. The earlier dip below 0.1175 saw relatively modest volume, which is consistent with a test of support rather than a breakdown.

Fibonacci Retracements

Key Fibonacci levels played a role in the 24-hour movement. Price tested the 61.8% retracement level at 0.1205 and held above it during the final hours, suggesting strong demand at the upper end of the range. The 38.2% retracement at 0.1193 acted as a key consolidation level during the final hours. A potential target for the next upward leg lies at the 78.6% retracement at $0.1218, if bullish momentum continues. A breakdown below the 50% level at 0.1190 could indicate a return to consolidation within the 0.1175–0.1195 range.

Backtest Hypothesis

Given the alignment of the 20-period and 50-period MAs, a potential short-term breakout strategy could be backtested using the 0.1190 level as a dynamic trigger. A long entry could be activated on a close above 0.1194 with a stop-loss placed below 0.1185. A target could be set at 0.1205–0.1208, based on the upper Bollinger Band and Fibonacci retracement. This approach would aim to capture short-term bullish momentum while limiting downside risk through a tight stop. The high volume and lack of price-volume divergence suggest a reasonable probability of success if the setup aligns with the next 24-hour period.