Market Overview for Internet Computer/Tether (ICPUSDT)

• Internet Computer/Tether (ICPUSDT) traded in a tight range, with a minor bearish bias in the last 24 hours.
• A key support level emerged around $4.71–$4.72, holding firm during multiple tests.
• Volatility increased after 15:00 ET, with a sharp rebound toward $4.79.
• RSI remained neutral to mildly oversold, while MACD showed weakening momentum.
• Notional turnover spiked during the rebound, indicating increased interest in the pair.

Opening Snapshot

Internet Computer/Tether (ICPUSDT) opened at $4.764 on 2025-09-19 at 12:00 ET, reaching a high of $4.798 and a low of $4.690 before closing at $4.77 at 12:00 ET on 2025-09-20. The 24-hour volume totaled approximately 555,185.56 ICP, with notional turnover of $2,613,540.96, based on 15-minute OHLCV data.

Structure & Formations

The price action over the past 24 hours displayed a clear consolidation phase followed by a late-day breakout. A key support zone emerged around $4.71–$4.72, which was tested multiple times with successful holds. A bearish engulfing pattern appeared at the start of the period, indicating initial seller dominance. Later, around 15:00 ET, a sharp reversal and a bullish engulfing pattern suggested renewed buyer interest.

Moving Averages

On the 15-minute chart, the price remained below the 20-period and 50-period SMAs, suggesting bearish momentum. However, the 50-period SMA started to flatten, indicating a potential shift in trend. Over the daily chart, the 50-period and 200-period SMAs show a narrowing gap, pointing to a potential consolidation phase before a breakout.

MACD & RSI

The MACD line turned negative early on but showed a flattening trend by the close of the period, suggesting a possible slowdown in the downward momentum. The signal line crossed above the MACD line in the final hours, indicating a potential bullish crossover. RSI remained within the 40–50 range throughout most of the day, with a brief dip into the 30s, signaling oversold conditions that were followed by a rebound.

Bollinger Bands

Bollinger Bands showed moderate volatility throughout the day, with the price hovering near the mid-band during consolidation. A contraction was observed between 02:00 and 04:00 ET, followed by a breakout and expansion of the bands after 15:00 ET. The price closed just below the upper band, indicating potential overbought conditions if the move is sustained.

Volume & Turnover

Volume remained relatively consistent for the first 10 hours of the period but spiked significantly after 15:00 ET, coinciding with the sharp rebound in price. The notional turnover mirrored the volume pattern, confirming the price action during the breakout. However, divergence was observed earlier in the day, with a dip in volume during a pullback to $4.690, suggesting lack of conviction in the move lower.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from $4.690 to $4.798, the 61.8% retracement level is at $4.764, which the price held during the consolidation phase. For the daily swing, the 38.2% and 61.8% retracements align closely with the $4.74–$4.76 range, where the price has shown several pauses. The current price is approaching the 78.6% level, indicating potential resistance ahead.

Backtest Hypothesis

The backtest strategy described in the input is centered on leveraging the RSI and moving average crossover signals to capture potential bullish breakouts. Given the recent behavior of ICPUSDT, particularly the RSI dipping into oversold territory and the flattening of the 50-period SMA, this strategy could find a favorable entry point for a long position. A potential setup might involve entering after the RSI crosses above 40, with the 50-period SMA crossing above the 20-period SMA as a confirmation. Stops could be placed just below the recent swing low of $4.71. The breakout after 15:00 ET offers a real-world example of how such a strategy could capture a short-term upward move.