Market Overview for Internet Computer/Tether (ICPUSDT)

Summary
• Price surged to 3.191 but reversed sharply near 3.08, forming a bearish engulfing pattern.
• Volume spiked during the peak at 22:15 ET, but notional turnover confirmed price action.
• RSI dropped below 40, signaling weakening momentum, while MACD turned negative.
• Bollinger Bands narrowed prior to the breakout, suggesting increased volatility.

At 12:00 ET − 1, Internet Computer/Tether (ICPUSDT) opened at 3.058 and traded between 3.053 and 3.191, closing at 3.088 by 12:00 ET. Total volume reached 1.95 million, with a notional turnover of $6.12 million over 24 hours.

Structure & Formations

Price formed a bearish engulfing pattern near the 3.14–3.08 range, reinforcing a potential reversal after an intraday high at 3.191. A key support level appears at 3.07–3.08, with a 50% Fibonacci retracement of the 3.053–3.191 swing at 3.122 acting as resistance.

Moving Averages

On the 5-minute chart, price closed below both the 20 and 50-period moving averages, indicating a short-term bearish bias. Daily MAs show a mixed picture, with the 50 and 100-period lines converging near 3.09–3.10.

Momentum & Volatility

MACD turned negative and RSI dropped below 40, pointing to fading bullish momentum. Volatility surged after a period of consolidation in the Bollinger Bands, with price settling near the lower band as of 12:00 ET.

Volume & Turnover

Volume spiked sharply at 22:15 ET, coinciding with the peak at 3.191, while turnover confirmed the price action with no signs of divergence. A gradual decrease in volume followed the breakout, suggesting a possible test of key support levels.

Over the next 24 hours, ICPUSDT could retest 3.07 as a critical support, with a risk of breaking below 3.055 if momentum remains negative. Investors should watch for a bullish reversal at key Fibonacci levels if the selloff stabilizes.