Market Overview for ICON/Tether (ICXUSDT) on 2025-11-03

• ICON/Tether (ICXUSDT) declined from 0.0845 to 0.0746 over 24 hours, driven by bearish momentum and volume expansion.
• Key support was tested around 0.0744–0.0746, with RSI indicating oversold conditions in the final hours.
• Volatility expanded significantly as price dropped into a contracting Bollinger Band, signaling a potential reversal.
• A bearish breakdown below 0.0825 may confirm further bearish sentiment, with 0.0775–0.0780 as the next target range.
• A divergence between falling price and rising volume raises caution for short-term continuation of the move.

ICON/Tether (ICXUSDT) opened at 0.0825 on 2025-11-02 at 12:00 ET, reached a high of 0.0845, and a low of 0.0744 before closing at 0.0746 on 2025-11-03 at 12:00 ET. The 24-hour total volume was approximately 2.98 million ICX, and the notional turnover was $224,000 (based on average price). The asset saw a strong downward shift in sentiment, evidenced by bearish momentum, expanding volatility, and a breakdown below key support.

Structure & Formations

Price action showed a sharp decline from 0.0845 to 0.0744, forming a bearish reversal pattern as it broke through a series of descending resistance levels. A bearish engulfing pattern was visible around 0.0825–0.0827, followed by a confirmed breakdown. A notable bearish trend developed after a 0.0785–0.0793 consolidation failed. The price found temporary support at 0.0775–0.0780, which appears to be a potential short-term base.

Moving Averages

On the 15-minute chart, the 20- and 50-period moving averages both dipped below price, reinforcing the bearish bias. On the daily timeframe, the 50-period MA is now below the 100- and 200-period MAs, suggesting a medium-term bearish trend may be forming. The 50-period MA crossed the 100-period MA earlier in the session, indicating bearish momentum.

MACD & RSI

The MACD histogram turned bearish with a clear negative crossover, amplifying the bearish momentum. The RSI dropped into oversold territory below 30 in the final hours of the session, suggesting a potential short-term bounce. However, the bearish divergence in MACD and RSI suggests that the move downward may not yet be exhausted.

Bollinger Bands

Volatility increased sharply after the breakdown, with price falling into a contracting Bollinger Band. The lower band hovered near 0.0744–0.0746, which was tested and confirmed as a key support. Price appears to be trading near the lower band, indicating high bearish pressure and potential for a bounce or continued decline.

Volume & Turnover

Volume surged during the breakdown phase, confirming the bearish move. Notional turnover spiked during the late-night to early morning session as price fell from 0.0793 to 0.0746. A divergence in volume and price during the 0.0780–0.0793 consolidation suggests the bulls were unable to reclaim control.

Fibonacci Retracements

On the 15-minute timeframe, price tested the 61.8% Fibonacci level at 0.0780–0.0785 before breaking lower. On the daily chart, the recent swing high of 0.0845 to low of 0.0744 shows a 61.8% retracement at 0.0800, which has become a key resistance level. If price recovers from 0.0744–0.0746, a retest of 0.0780–0.0785 could occur.

Backtest Hypothesis

Given the appearance of a bearish engulfing pattern around 0.0825–0.0827, a backtest could explore a short-side entry at the close of the engulfing candle (0.0825) with a stop above 0.0827. A 3-day target could be set at the 61.8% Fibonacci retracement level (0.0780–0.0785). If this setup aligns with the observed breakdown and bearish momentum, it may serve as a robust short-term trading trigger. Further validation of the pattern’s reliability on ICXUSDT would require historical data beyond the provided 24-hour window.