Market Overview for Internet Computer/Tether (ICPUSDT)

Summary
• ICPUSDT declined to a 24-hour low of $2.944 before stabilizing near $2.965.
• Volatility expanded as volume spiked during the early hours of 2025-12-24.
• A bearish engulfing pattern formed during the early ET session, confirming downward momentum.
• RSI entered oversold territory near 30, hinting at potential short-term reversal.
• Bollinger Bands widened as price moved toward the lower band, indicating increased bearish pressure.

24-Hour Price Action

Internet Computer/Tether (ICPUSDT) opened at $2.977 and declined to a low of $2.944 before stabilizing at $2.966 at 12:00 ET on 2025-12-24. The total 24-hour trading volume was 1,290,594.46, with a notional turnover of $3,906,330.37.

Structure & Formations

Price found key support near $2.944 during early ET hours, where a bearish engulfing pattern emerged, confirming bearish sentiment. The 5-minute chart shows multiple attempts to reclaim higher ground, but all failed to surpass the key resistance at $3.005. A doji near $2.965 in the final hour suggests indecision and potential short-term reversal.

Moving Averages & Momentum

Short-term momentum is bearish, with the 20-period and 50-period moving averages on the 5-minute chart pointing downward. The MACD histogram has been negative throughout the session, with a recent contraction indicating weakening bearish pressure.

RSI has fallen to 30, entering oversold territory and suggesting a potential bounce may be near.

Volatility and Volume

Volatility expanded during the early hours of 2025-12-24, coinciding with a volume spike of over 145k at $3.026, suggesting liquidation pressure. Bollinger Bands widened as price moved to the lower band, reinforcing bearish sentiment. Turnover has remained consistent, though no notable divergence between price and volume is observed.

Fibonacci Retracements

Price recently tested the 61.8% Fibonacci retracement level of the 5-minute move from $3.042 to $2.944 at $2.973. A failure to hold this level could see a retest of the 78.6% retracement near $2.934. On the daily chart, the 50% level of the broader move appears to be forming a key intermediate support.

The market appears to be consolidating near the 24-hour low, with oversold RSI and a doji suggesting a potential short-term rebound. Investors should remain cautious as bearish momentum remains intact. A break above $3.005 could signal a temporary recovery, but a sustained move below $2.944 could extend the bearish trend.