Market Overview for Internet Computer/Tether (ICPUSDT) on 2025-11-08

Summary
• ICPUSDT closed at $8.643, up from $7.688, with a high of $9.849 and low of $7.382.
• Volatility surged with a 24-hour range of ~26.8% and momentum favoring bullish swings.
• Strong volume spikes occurred during the upside break, confirming bullish strength.

Internet Computer/Tether (ICPUSDT) opened at $7.688 on 2025-11-07 at 12:00 ET and closed at $8.643 on 2025-11-08 at 12:00 ET. The 24-hour high reached $9.849, while the low dropped to $7.382. Total volume for the period was 22,609,674.62 and total turnover (notional value) amounted to ~$195.3 million.

On the 15-minute chart, the price action displayed a bullish breakout from a descending wedge pattern around 02:30–03:00 ET, followed by a rapid rally to a high of $9.849. This breakout was confirmed by strong volume surges and a positive divergence in price and momentum. The 20-period and 50-period moving averages were both trending upward, with the 20 MA crossing above the 50 MA, signaling a golden cross. The 50-period MA is currently at ~$8.17, and the 20-period MA at ~$8.44, indicating short-term bullish bias.

The 15-minute MACD crossed above zero, with a positive divergence and a bullish histogram, suggesting continued upward momentum. RSI readings briefly exceeded 70 at the peak, indicating overbought conditions, but the price was supported by key Fibonacci levels during pullbacks, especially around the 61.8% level of the recent swing low. Bollinger Bands showed a sharp expansion during the breakout, with prices touching the upper band multiple times, a sign of heightened volatility.

Volume analysis showed a clear concentration of buying pressure during the 02:00–05:00 ET window, with turnover increasing by over 50% from 04:00–06:00 ET as the price surged past $9.00. The largest single 15-minute candle occurred at 02:30 ET, with a volume of ~$1.35 million and a price jump of ~10%. Divergences between price and volume were minimal, suggesting strong conviction behind the bullish move.

Fibonacci retracements applied to the recent 15-minute swing low (~$7.38) and high (~$9.84) identified key levels at $8.71 (38.2%), $8.35 (61.8%), and $8.05 (78.6%) as potential support and resistance. The price closed near the 38.2% level, which may act as a short-term support. Looking ahead, a continuation above $8.80 could test the 61.8% retracement at $8.35 as a potential near-term resistance.

The MACD and RSI, combined with moving average crossovers and volume spikes, form a strong technical case for a continuation of the bullish trend. A backtest hypothesis could be built around a crossover strategy using the 20-period and 50-period moving averages on the 15-minute chart, with RSI used as a filter to avoid trades in overbought (>70) or oversold (<30) conditions. This approach could be refined by incorporating Fibonacci levels and Bollinger Band width as volatility filters to time entries more effectively.

Looking ahead, ICPUSDT may continue its upward trajectory if it stays above $8.60, with the next major resistance at $9.00. However, a pullback to the $8.35–$8.40 range could test the strength of the bullish thesis, and a close below $8.10 would raise concerns about a short-term reversal. Investors should remain cautious and watch for divergence in momentum indicators or volume compression, as these could signal a turning point in the near term.