ICP appeared strong again after experiencing a ten-day lift from a key level. It increased by 13% in the last 24 hours and is now looking poise for a bullish move following a slight break out of a resistance line.
Following a deep correction that collapsed the market by roughly 80% in four months, ICP dipped slightly under $6 and found solid ground last week. It climbed back and traded calmly above $7 during this week.
It initiated a sudden surge yesterday and the price increased strongly above the $8 level with a strong close near a crucial resistance trendline, suppressing buying actions since late March. It further increased today with a slight cross over this resistance trendline.
A significant weekly close above this trendline should bring a fresh buy and at the same time signal a potential change in the market structure. If a rejection occurs, the asset will likely roll back to resume drop.
But looking at the latest price actions, the bulls are most likely to gain control from a technical standpoint. The buy indicator to pay attention to lies in yesterday’s surge that ended with an engulfing candle – marking its highest daily buying volume since April 21. We can expect more surges if the volume level increases.
ICP’s Key Level To Watch
Source: Tradingview
ICP is currently facing $9 but it appeared to be targeting the $10.65 resistance that flipped as support during last month’s crackdown. If it retakes this resistance, the next buying levels to watch are $12 and $14.
While the $7.7 support is serving as a pullback point for a potential drop, the $5.8 level is considered solid support. A dip through all these mentioned levels could trigger another drag down to $4.
Key Resistance Levels: $10.65, $12, $14
Key Support Levels: $7.7, $5.81, $4
- Spot Price: $8.87
- Trend: Bullish
- 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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