Market Overview for ICON/Tether (ICXUSDT): A Volatile 24-Hour Slide

• ICON/Tether (ICXUSDT) declined 24.3% over the last 24 hours, closing near 0.0890 after a sharp drop from 0.1109.
• Price formed a bearish engulfing pattern during the early hours of October 10–11, signaling potential momentum to the downside.
• Volatility spiked during a sharp pullback into the early morning hours, but recent volume has stabilized with no clear divergence.
• RSI (14) indicates overbought conditions during the peak, followed by oversold territory as the price collapsed into 0.0860 levels.
• Bollinger Bands widened sharply during the drop, suggesting a high-volatility event, with price now consolidating near the lower band.

At 12:00 ET on October 11, 2025, ICON/Tether (ICXUSDT) opened at 0.1100, reached a high of 0.1111, and a low of 0.0300 before closing at 0.0890. Total volume for the 24-hour period was 34,865,325.3 units, with turnover amounting to approximately $3,111,000. The price action featured a sharp bearish reversal that began with a key engulfing pattern and continued with a prolonged pullback that tested multiple support levels.

Structure & Formations

The price structure over the last 24 hours was marked by a clear bearish breakout. A key bearish engulfing pattern formed at 19:30–20:00 ET on October 10, as the price opened near 0.1089 and closed at 0.1077, confirming a shift in sentiment. This was followed by a sharp decline into the 0.0600s before stabilizing in the 0.0860–0.0890 range. A long lower shadow and compressed bodies in the consolidation phase indicate a potential near-term bottoming process. The 0.0890 level has shown resistance in both the morning and afternoon sessions.

Moving Averages and Fibonacci Retracements

On the 15-minute chart, the 20-period and 50-period moving averages are both in a downward trend, reflecting bearish momentum. Price remains below both, suggesting a continuation of the downtrend is probable. On the daily chart, the 50-period MA has crossed below the 200-period MA, forming a bearish death cross. In terms of Fibonacci retracement levels, the 61.8% retracement of the October 9–10 move sits at around 0.0900, which could act as a short-term resistance if the price attempts a rally.

MACD, RSI, and Bollinger Bands

MACD has remained in negative territory with a bearish crossover, reinforcing the short-term downtrend. RSI has pushed into oversold territory below 30, which typically signals a potential rebound, but given the recent sharp drop, this could also indicate a deepening bear phase rather than a reversal. Bollinger Bands have expanded significantly during the decline, with price currently resting near the lower band. A retest of this band may offer a buying opportunity, but a break below it could extend the move to 0.0850.

Volume and Turnover

Volume spiked during the sharp decline into the 0.0600s and 0.0800s, but has since decreased, indicating reduced conviction from sellers. Turnover also dropped during the consolidation phase, suggesting traders are becoming cautious. However, the absence of a clear divergence between price and volume implies that the recent move may not yet be exhausted. Investors should monitor for volume spikes on the next move lower or higher to confirm continuation or reversal.

Backtest Hypothesis

The backtesting strategy described focuses on identifying key engulfing patterns and Fibonacci retracement levels as entry points for bearish trades. Given the bearish engulfing pattern observed at 19:30–20:00 ET on October 10 and the price dropping below the 61.8% Fibonacci level, a short entry might be considered with a stop above 0.0900 and a target near 0.0850. The RSI in oversold territory could act as a filter to avoid false signals, but in this case, it aligns with the broader bearish momentum. This approach could be validated by backtesting similar setups in the past 30 days to assess win rate and risk/reward ratios.