Market Overview for Internet Computer/Tether (ICPUSDT) on 2025-09-21

• ICP/USDT traded lower over 24 hours, closing near session lows amid declining momentum.
• Key support tested around $4.73–4.74 as bearish engulfing and hanging man patterns emerged.
• Volatility and turnover increased during early morning hours, but failed to sustain bullish bias.
• RSI signaled oversold conditions briefly, yet price remains below 50, indicating bearish bias.

Internet Computer/Tether (ICPUSDT) opened at $4.778 on 2025-09-20 at 12:00 ET and closed at $4.744 as of 12:00 ET on 2025-09-21. The 24-hour range was $4.72–$4.797, with the price finishing slightly below the opening level. Total volume was 321,588.99 and total notional turnover was approximately $1,532,630.

Structure & Formations

The price of ICPUSDT exhibited a bearish bias over the past 24 hours, forming multiple bearish reversal patterns, including a bearish engulfing pattern and a hanging man. Key support levels emerged at $4.73 and $4.71, where price tested and consolidated for several hours. A strong resistance level is visible near $4.797, which prevented further upward movement after a brief attempt to rally in the morning. The formation suggests potential for further downside should support levels be breached.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are currently bearish, with both indicators sitting above the current price. This suggests a short-term bearish trend. On the daily chart, the 50, 100, and 200-period moving averages also show a bearish bias, with price remaining below all three. This reinforces the potential for a continuation of the downward trend in the near term.

MACD & RSI

The MACD indicator showed bearish momentum, with the line staying below the signal line and displaying negative divergence. This suggests weakening bullish conviction. The RSI reached brief oversold conditions in the early hours of the morning, dipping below 30, but failed to trigger a significant rebound. The RSI remains below 50, confirming the bearish tone and indicating that ICP/USDT could still face further downward pressure.

Bollinger Bands

Volatility has shown a moderate expansion over the 24-hour period, with the Bollinger Bands widening in the early morning. Price has spent much of the session near the lower band, indicating bearish momentum. A close below the lower band may trigger additional bearish follow-through. Conversely, a move above the middle band would signal a potential short-term reversal, though this appears unlikely without a strong buying signal.

Volume & Turnover

Volume and turnover spiked during the early morning hours, coinciding with the brief attempt to rally above $4.77. However, the lack of sustained buying pressure suggests weak conviction in the upside. The divergence between rising volume and falling price points to potential exhaustion in the short term. If price continues to fall and volume remains high, this could indicate a distribution phase, which might accelerate the decline.

Fibonacci Retracements

On the 15-minute chart, Fibonacci retracement levels highlight potential support at 61.8% (~$4.74) and 38.2% (~$4.76). The price appears to have found support near the 61.8% level and is consolidating. On the daily chart, the 38.2% retracement (~$4.73) is currently being tested, suggesting it may act as a key short-term floor.

Backtest Hypothesis

Given the presence of bearish reversal patterns, oversold RSI conditions, and price behavior near Fibonacci support levels, a potential backtesting strategy could involve entering short positions on a confirmed break below $4.73, with a stop-loss just above $4.76. A target for the short could be the next Fibonacci level at ~$4.69, assuming the bearish momentum continues. This strategy would aim to capitalize on the observed bearish trend while managing risk through defined stop-loss and target levels.