Market Overview for Internet Computer/Tether (ICPUSDT)

Summary
• Price formed bearish engulfing patterns early, followed by a tentative bullish rebound late in the session.
• Volatility expanded midday as price dropped to a 24-hour low of $2.777 before stabilizing.
• Volume spiked during the decline but waned during the recovery, suggesting possible exhaustion.
• RSI indicates oversold conditions, while MACD turned bullish with a narrowing bearish divergence.
• Bollinger Bands widened during the sell-off, with price closing near the middle band.

Internet Computer/Tether (ICPUSDT) opened at $3.006 on 2025-12-18 at 12:00 ET, reached a high of $3.019, fell to a low of $2.777, and closed at $2.890 at 12:00 ET on 2025-12-19. Total volume over the 24-hour period was approximately 3,390,687.47 ICP, and notional turnover reached about $9.58 million.

Structure & Formations

The 5-minute chart shows a bearish engulfing pattern during the early drop from $3.009 to $2.931, suggesting strong selling pressure. A later bullish reversal is marked by a series of higher lows and a green close at $2.890, which may indicate a potential short-term rebound.

Moving Averages

On the 5-minute chart, price has been oscillating above and below the 20-period moving average, with a longer-term bearish bias visible on the 50-period line. The 50/100/200-period daily MA crossover suggests a continued bearish trend, though price has shown some strength in recent daily closes.

MACD & RSI

MACD turned bullish in the last hour, with a narrowing bearish divergence. RSI hit oversold territory at 29 during the low at $2.777, suggesting a potential short-term bounce. The RSI remains below 50, indicating that bearish momentum is still in control for now.

Bollinger Bands

Volatility increased sharply during the midday sell-off, causing the bands to widen. Price closed near the middle band after briefly touching the lower band, signaling a potential consolidation phase.

Volume & Turnover

Volume spiked during the sharp decline, reaching a peak of $320,724.06 at $2.877, before tapering off as price recovered. Turnover and volume are aligned during the bearish move but diverge slightly during the late rally, suggesting a possible exhaustion of bearish energy.

Fibonacci Retracements

Price retraced approximately 38.2% of the decline from $3.019 to $2.777 by closing at $2.890, which could serve as a short-term support level. Further retests of the 50% retracement at $2.897 may provide clues about near-term direction.

The market appears to be in a tentative consolidation phase, with oversold conditions and a narrowing MACD divergence suggesting potential for a short-term bounce. However, a break below $2.795 could reignite bearish momentum, so close attention to support levels and volume patterns will be key for the next 24 hours.