Market Overview: ICON/Tether (ICXUSDT) on 2025-11-01

• ICON/Tether rose from 0.0825 to 0.0857 amid sustained buying pressure and positive momentum.
• Price tested and held above key Fibonacci levels and 20/50-period moving averages.
• High volume and turnover confirm the strength of the bullish trend in the last 24 hours.
• RSI entered overbought territory near 70, suggesting potential for short-term pullback.
• Bollinger Bands show a widening trend, indicating rising volatility and stronger directional bias.

ICON/Tether (ICXUSDT) opened at 0.0825 on 2025-10-31 at 12:00 ET and closed at 0.0857 on 2025-11-01 at 12:00 ET, rising above the key 0.0850 psychological threshold. The 24-hour high was 0.0860, and the low was 0.0810. Total volume amounted to 938,489.5 with a notional turnover of $79,034.06, reflecting strong participation and trend continuation.

Structurally, the price has shown consistent strength above the 20 and 50-period moving averages on the 15-minute chart, which are currently aligned at around 0.0840. On the daily chart, the 50/100/200-period moving averages are converging near 0.0835, supporting the view of a medium-term bullish trend. A notable pattern formed on the 15-minute chart was a Bullish Engulfing candle on 2025-10-31 at 19:45 ET, which marked a decisive reversal and confirmed a shift in sentiment. The price has since remained above key Fibonacci retracement levels of 0.0832 (61.8%) and 0.0840 (50%) from the recent low-to-high swing.

The RSI has climbed to 69–71 on multiple occasions, signaling overbought conditions and suggesting a possible pullback or consolidation period in the near term. Momentum, as measured by the MACD, remains positive with a bullish crossover in place. The MACD histogram is expanding, showing increasing strength in the upward move. Volatility has expanded, as seen in the widening Bollinger Bands, with prices frequently testing the upper band, which suggests that the current bullish trend is being driven by strong buying interest. Notably, volume has surged in the final four hours of the 24-hour period, reinforcing the conviction behind the rally.

Key resistance appears at 0.0860–0.0865, where recent highs and the upper Bollinger Band overlap. Support levels to watch include 0.0850 (psychological), 0.0845 (moving average cluster), and 0.0832 (Fibonacci 61.8%). A breakdown below 0.0832 could trigger a test of the 0.0825–0.0820 range, where initial support and the 20/50-period moving averages reside. Traders should also monitor for a potential bearish divergence in RSI if volume fails to confirm further price highs.

Backtest Hypothesis
The backtest of a strategy based on the 15-minute Bullish Engulfing pattern on ICXUSDT from 2022-01-01 to 2025-11-01 reveals several insights that align with the current technical context. The pattern has historically performed poorly within a 3-day holding period, with an average loss of –2.8% per trade and a Sharpe ratio of –0.53. This suggests the signal lacks robustness in isolation. Given the current momentum and strong volume confirmation, it is plausible that extending the holding period to 5–10 days would yield better results, as the current trend shows resilience. Integrating additional filters—such as a trend confirmation with moving averages or Fibonacci retracement levels—could reduce noise and improve selectivity. The recent 15-minute Bullish Engulfing candle at 19:45 ET appears to have generated strong follow-through, a scenario that may justify a longer holding period than the backtest originally applied. A refinement of the strategy based on current volatility and trend indicators could provide a more favorable risk-reward profile.