Market Overview for Internet Computer/Tether (ICPUSDT) – 24-Hour Summary (2025-10-05)

• Price opened at $4.438 and surged to $4.682 before retracting to $4.583, closing at $4.626 by 12:00 ET.
• ICPUSDT saw a strong bullish thrust with a 5.2% 24-hour gain amid rising volume and momentum confirmation.
• Key resistance appears at $4.63–$4.68, with immediate support around $4.57–$4.59 based on recent consolidation and failed bounces.
• RSI and MACD showed positive divergence and a strong buy signal during the rally, indicating potential for further upside.
• Volatility expanded during the bullish breakout, with Bollinger Bands widening in sync with price action.

Internet Computer/Tether (ICPUSDT) opened at $4.438 on 2025-10-04 at 12:00 ET and surged to a 24-hour high of $4.682, reaching a low of $4.431. The pair closed at $4.626 by 12:00 ET on 2025-10-05. Total 24-hour volume was approximately 1,143,674.46 ICP, with a notional turnover of $5,186,943.96. Price action showed a clear bullish breakout, followed by consolidation and renewed strength in the final hours.

Structure & Formations

The daily chart revealed a strong bullish bias, marked by a key breakout above the descending trendline resistance around $4.59 and a prior high at $4.682. A bullish engulfing pattern formed on the 15-minute chart around 08:15–08:30 ET, with a strong close above the prior candle’s high. A bearish pinocchio candle appeared near $4.682, suggesting potential near-term resistance. A key support zone emerged between $4.57–$4.59, tested multiple times during the consolidation phase. The formation suggests a possible continuation of the bullish trend if the price retests this support with strong buying pressure.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed above the price around the 08:00–08:30 ET window, confirming a strong bullish crossover. The daily chart showed a similar confirmation with the 50-period MA crossing above the 200-period MA, forming a golden cross. This aligns with the broader bullish trend. The 100-period MA acted as dynamic support around $4.56–$4.58, reinforcing the idea of a strong base for further gains.

MACD & RSI

MACD showed a strong positive divergence during the morning rally, with the histogram surging above zero and maintaining positive momentum. The signal line crossed up from below, confirming a bullish signal. RSI climbed into overbought territory at 70+ during the peak rally, but did not show signs of divergence until the later hours. A retest of key support and a potential pullback may provide an entry for continuation trades if RSI retreats into neutral territory (60–40) without breaking key moving averages.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on a bullish engulfing pattern with volume confirmation and a golden cross on the 15-minute chart, with a stop-loss below the previous candle’s low and a take-profit target at the nearest Fibonacci level (e.g., 38.2% or 61.8% of the most recent swing). Given the recent strong volume and pattern confirmation, this strategy appears well-aligned with the current price action. The strategy may be tested against historical 15-minute data for the past three months to evaluate win rate and risk-reward balance.

Bollinger Bands

Volatility expanded significantly during the morning rally, with the Bollinger Band width widening from ~1.5% to ~3.2%. Price moved above the upper band at $4.682 before retracting, suggesting the breakout was momentum-driven. The midline (20-period SMA) remained a dynamic reference point, with the price closing near it during consolidation. A potential bounce off the midline may indicate a continuation of the trend or a shift into a consolidation phase. A contraction in band width during the afternoon suggests reduced short-term volatility and potential for another breakout.

Volume & Turnover

Volume surged during the morning and afternoon sessions, particularly between 08:15–09:30 ET, with a notable volume spike at $4.682 during the peak rally. Total volume for the 24-hour period was approximately 1,143,674.46 ICP, with notional turnover hitting $5,186,943.96. The volume-to-price relationship was in sync during the rally, with strong volume supporting higher highs. A divergence appeared during the consolidation phase, with volume declining as price remained range-bound. This may signal a potential retest of key resistance or support before a new leg up.

Fibonacci Retracements

On the 15-minute chart, the recent swing from $4.431 to $4.682 formed a key Fibonacci cluster around 38.2% ($4.59) and 61.8% ($4.57), which acted as strong support levels during the consolidation phase. The daily chart showed a similar alignment, with the 50% retracement level around $4.56–$4.58 acting as a critical psychological support. A retest of these levels with strong volume may confirm a bullish continuation, while a breakdown could trigger a deeper pullback.

Forward-Looking View

The market appears poised for a continuation of the bullish trend, with key resistance at $4.63–$4.68 and support at $4.57–$4.59. A breakout above $4.682 could aim for the next Fibonacci level at $4.70. A bearish reversal would require a close below $4.57, potentially targeting $4.52–$4.48. Investors should remain cautious of overbought RSI levels and potential divergence during consolidation.