Market Overview for ICON/Tether (ICXUSDT)

Summary
• Price tested key support at $0.0580, forming a bullish reversal pattern.
• Momentum dipped below 30 on RSI, indicating oversold conditions.
• Volatility remained stable within Bollinger Bands, with no significant breakouts.
• Volume surged during the late ET session, confirming a potential short-term bounce.

The ICON/Tether (ICXUSDT) pair opened at $0.0590 on January 15, 2026 (12:00 ET), and reached a high of $0.0594 before settling at $0.0585 at 12:00 ET on January 16. Total volume for the 24-hour window was 1,805,398.0, with a notional turnover of $104,578.36.

Structure & Formations

Price encountered resistance between $0.0590 and $0.0594 earlier in the session, followed by a breakdown to test support near $0.0580. A bullish reversal pattern formed near this level, indicating possible short-term stabilization. The key support at $0.0576 held firm, with no bearish breakdowns observed.

Moving Averages and Momentum

The 20-period and 50-period moving averages on the 5-minute chart suggest bearish bias, with price failing to close above the 20SMA. RSI dropped below 30, signaling oversold territory, while MACD showed a narrowing histogram, hinting at waning bearish momentum.

Volatility and Bollinger Bands

Bollinger Bands remained relatively stable in width, with price staying within the channel for most of the session. A brief contraction occurred before 19:00 ET, followed by a mild expansion, suggesting the potential for a breakout. Price remains above the 20-period moving average within the lower band, indicating a balanced volatility environment.

Volume and Turnover

Volume spiked during the late ET hours, particularly around 19:45 ET and 20:15 ET, coinciding with price consolidation. Notional turnover increased by ~25% during this period, confirming the short-term buying interest. No clear divergence was observed between price and volume, supporting the idea of a possible near-term bounce.

Key Levels and Fibonacci Retracements

The recent swing low at $0.0580 aligns with the 50% Fibonacci retracement level of the earlier $0.0590–$0.0576 move. The 61.8% level is at $0.0584, which could serve as near-term resistance. A breakout above $0.0586 could indicate a return to the prior congestion zone.

Over the next 24 hours, a test of the $0.0586–$0.0588 range could confirm a short-term reversal, though a failure to hold above $0.0580 could reignite bearish pressure. Investors should remain cautious of potential volatility during Asian and European hours.