Market Overview: Internet Computer (ICPUSDT) – 24-Hour Technical Summary

• Internet Computer (ICPUSDT) formed a bullish engulfing pattern after testing a key support near $5.34.
• Price closed above 50-period and 20-period moving averages, suggesting potential short-term momentum.
• Volatility expanded during the session, with Bollinger Bands widening post-6:00 ET.
• On-balance volume confirmed price action, with no significant divergence in momentum indicators.
• RSI moved into overbought territory briefly but remains within normal ranges, indicating cautious optimism.

Internet Computer (ICPUSDT) opened at $5.342 on 2025-08-22 12:00 ET and closed at $5.394 as of 2025-08-23 12:00 ET, with a high of $5.583 and low of $5.295 during the period. Total volume traded reached 1,091,841.42, and notional turnover was approximately $5,796,907. The 24-hour range shows moderate volatility and a constructive setup for near-term buyers.

Structure & Formations

A bullish engulfing pattern formed around 19:30 ET on 2025-08-22, confirming a rebound from the $5.34 support level. This level appears to be a key psychological floor for the 15-minute timeframe. The price then moved into a consolidation phase near $5.53, with a minor bearish divergence noted in the last hour before 12:00 ET, though it did not confirm a breakdown. The $5.42–$5.44 zone appears to be acting as a dynamic support/resistance pivot.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed into a bullish crossover by 18:45 ET. The 50-period line has remained above the 200-period daily average for the past 36 hours, suggesting a positive bias in the near-term trend.

MACD & RSI

The MACD line crossed above the signal line around 18:00 ET, reinforcing the bullish momentum. RSI reached a peak of 63, moving into overbought territory briefly but remained below 70, indicating a measured rally. A divergence appeared in the final two hours, but it did not hold, suggesting continued buyer control.

Bollinger Bands

Volatility expanded sharply after 18:00 ET, with the bands widening from a 1.3% range to a 2.7% range. Price remained within the upper and lower bands throughout the 24-hour period, showing no signs of a breakout. The closing candle touched the middle band, indicating a balanced close.

Volume & Turnover

Volume spiked at 19:30 ET and 21:15 ET, coinciding with key price swings and pattern formations. Notional turnover mirrored the volume trend, showing no major divergence. The highest single-candle turnover occurred during a bullish reversal at $5.53, signaling strong conviction from buyers.

Fibonacci Retracements

The 61.8% Fibonacci retracement level of the swing from $5.295 to $5.583 sits at approximately $5.45, which coincided with a minor consolidation phase. Price tested this level and moved above it in the final hours of the session, suggesting a potential target near $5.53–$5.55.

Internet Computer (ICPUSDT) appears to be in a consolidation phase with a bullish bias. If the $5.42 support holds, buyers could test $5.55 in the next 24 hours. However, a breakdown below $5.34 may signal renewed bearish momentum and increased caution for investors.