After swiftly recovering from a crash to a year low recently, ICP faced resistance and resumed pressure as selling volume increased. It appears weak at support and looks poised for a bigger crackdown.
Most of the altcoins have recently followed Ethereum’s pattern, and are now looking extremely oversold following a sudden collapse to a year low, including ICP, which is now trading at a critical support zone daily.
A recent attempt to break through this support zone (of $7 and $5.8) has proven abortive. But now that trading is back there, we may soon see a major breakdown to the $3 level. Looking at the daily price actions, the selling volume appears low at the time of writing.
However, if the bulls continue to defend the support zone well, we may see a mini-recovery towards $9 before deciding on where to head next. Pushing through this price level could bring a major relief in the market and at the same time restore bullish hope for a positive move.
While there are no signs of such a scenario at the moment, the price may remain calm a bit due to low selling volume. That could lead to a brief consolidation phase before resuming bearish at full speed.
ICP’s Key Level To Watch
Source: Tradingview
The immediate support level for a drop right now is $5.81. If the price collapses through it, the next level for support would be $4.5 and $3.
Towards the upside, ICP recently held the $7.74 level as resistance. A push above that resistance should bring a little recovery to the $9 level. Higher resistance levels to watch for recoveries are $10.5 and $12.9.
Key Resistance Levels: $7.74, $9, $10.5
Key Support Levels: $5.81, $4.5, $3
- Spot Price: $6.87
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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