Market Overview: Internet Computer (ICPUSDT) - 24-Hour Analysis

• Internet Computer (ICPUSDT) fell 10.6% in 24 hours amid bearish momentum and heavy volume in the second half.
• A large bearish engulfing pattern formed after an intraday high of $5.77, signaling potential further downside.
• RSI and MACD confirmed bearish divergence, with price failing to hold above the 20-period MA for most of the session.
• Volatility expanded significantly during the selloff, with price dropping below the 20-period Bollinger Band.
• Turnover surged during the breakdown, with a 3.8x spike in volume after 12:00 ET.

Internet Computer (ICPUSDT) opened at $5.608 on 2025-08-09 at 12:00 ET and closed at $5.557 on 2025-08-10 at 12:00 ET, with a high of $5.77 and a low of $5.50. Total volume was 518,867.12, and notional turnover reached $2,873,825.96 over 24 hours.

Structure & Formations

The daily 15-minute chart shows a clear bearish trend after a failed attempt to break above $5.77. A bearish engulfing pattern formed at the top of the consolidation, with a closing candle at $5.557 signaling exhaustion. A key support level appears to be forming around $5.60–$5.65, where the price has bounced before, but a breakdown below $5.55 may test $5.45 next. The 61.8% Fibonacci retracement of the $5.50–$5.77 move aligns near $5.59, which is now acting as a dynamic resistance.

Moving Averages

Price spent most of the session below the 20-period moving average, which currently sits near $5.64, and crossed under the 50-period line. This indicates bearish control. On the daily chart, the 50- and 200-period moving averages are both above the current price, reinforcing the bearish bias. A close above $5.64 could trigger a short-term pullback, but a sustained move above the 50-period MA would be required for a reversal in sentiment.

MACD & RSI

The MACD turned negative and is trending downward, confirming the bearish momentum. A bearish crossover occurred early in the session, and the histogram shows expanding bearish divergence. RSI has entered oversold territory (around 29) but is not showing signs of a reversal, as price continues to fall despite the low RSI. A bounce from the oversold zone may be expected, but without a follow-through move above key resistance levels, further declines are likely.

Bollinger Bands

Bollinger Bands expanded during the selloff, with price dropping below the lower band, indicating high volatility and weak buyers. The narrowing of the bands prior to the breakdown suggested a potential breakout, which was confirmed in a bearish direction. The current price is near the lower band, and a continuation below it may signal more aggressive selling ahead.

Volume & Turnover

Volume surged during the breakdown, peaking at $5.50 with a 3.8x increase compared to average volume. Notional turnover spiked at that time as well, indicating significant selling pressure. However, price action did not confirm a strong bounce off that level, suggesting bearish exhaustion has not been reached. Divergences between volume and price were minimal, but the sharp drop after the engulfing pattern was supported by volume, indicating strong bearish conviction.

Fibonacci Retracements

The 38.2% and 61.8% retracement levels of the $5.50–$5.77 move are now acting as critical psychological barriers. The 61.8% level at $5.59 appears to be the next critical resistance for a potential rebound, while the 38.2% at $5.64 may trigger further profit-taking if buyers enter. A breakdown below the $5.50 level would likely take price toward the 100% retracement at $5.43, signaling a deeper correction.

Over the next 24 hours, ICPUSDT may continue to consolidate below $5.60, with a key watch at $5.55 for further bearish confirmation. A bounce back toward $5.65 could offer a short-term entry for buyers, but without a clear break above $5.68, the bearish trend may persist. Traders should remain cautious of additional downside risks amid the current macro conditions.