Market Overview for ICON/Tether (ICXUSDT): October 4, 2025

• ICON/Tether (ICXUSDT) traded between $0.12 and $0.1228 over 24 hours, closing near the lower end of the range.
• Momentum weakened as RSI dipped below 50, while volume surged in the first half of the session before tapering off.
• A bearish engulfing pattern and key support at $0.1206 were tested in early morning hours.
• Bollinger Band contraction at session peak signaled reduced volatility, followed by a sharp price drop.
• Divergence between volume and price in the late ET hours raised caution for potential bearish continuation.

ICON/Tether (ICXUSDT) opened at $0.1206 on October 3 at 12:00 ET and reached a high of $0.1228. It closed at $0.1206 at 12:00 ET on October 4. Total volume over 24 hours was 1,511,325.3, while turnover (amount) reached $95,821. The pair showed bearish bias after a volatile early session.

Structure & Formations

The price tested key support at $0.1206 multiple times during the early morning hours, with a bearish engulfing pattern forming around 17:30 ET. This pattern suggested a potential short-term reversal to the downside. A doji formed near $0.1213 at 19:15 ET, signaling indecision among traders at that level. The price also showed a 61.8% Fibonacci retracement of the prior swing high at $0.1217, which acted as a resistance level before breaking down.

Moving Averages

On the 15-minute chart, the 20SMA was slightly above the 50SMA, indicating a short-term bearish bias. The daily 50SMA and 200SMA were in a downward trend, suggesting that the broader trend remains bearish. Price action stayed below both moving averages, reinforcing the bearish setup.

MACD & RSI

MACD remained in negative territory, with the histogram showing a slight increase in bearish momentum in the final hours. RSI dropped below 50 and hovered near 45–48, indicating weakening bullish momentum. A bearish crossover in the RSI occurred around 01:00 ET, aligning with the price pullback. While not oversold, the oscillator suggested a continuation of the bearish trend could be likely.

Bollinger Bands

Volatility expanded during the early ET hours, with the bands widening after the price surged to $0.1228. Following this, the bands began to contract, indicating a period of consolidation. At 00:30 ET, price traded near the lower Bollinger Band at $0.1208, suggesting oversold conditions and a potential bounce. However, the subsequent breakdown below $0.1206 indicated that bears maintained control.

Volume & Turnover

Volume spiked sharply in the early evening (ET), with over 400,000 trades at $0.1218–$0.1219. This was followed by a noticeable drop-off in volume as the price declined toward $0.1206. Turnover (amount) remained relatively consistent but saw a notable dip after 02:00 ET. Divergence between volume and price became apparent after 04:00 ET, where price continued to fall despite lower volume, suggesting potential exhaustion in the bearish move.

Fibonacci Retracements

On the 15-minute chart, key retracement levels at 38.2% ($0.1217) and 61.8% ($0.1206) were both tested during the session. The 61.8% level held briefly but was eventually broken, reinforcing the bearish bias. On the daily chart, Fibonacci levels suggested that the next support target could be near $0.1200, with a 50% retracement at $0.1206 already holding strong.

Backtest Hypothesis

A potential backtest strategy could involve entering a short position when RSI crosses below 50 and price breaks below the 61.8% Fibonacci level, with a stop loss placed above the 38.2% retracement. Given the bearish engulfing pattern and confirmation from MACD, this setup could be tested for 24-hour returns. The entry would align with observed price and momentum divergence and could target a 0.6% to 1.2% profit range based on the recent volatility profile.