Last week saw ICP through a major bounce after forming a double-bottom pattern above a solid support level. The price has reached a key resistance, which now lies as the major obstacle in the ongoing surge.
ICP has been on a buying spree for days, surging through several key levels to reach the top again after three weeks of swing lows and highs.
The latest surge in volatility started after almost testing the $10.3 level that flipped in late December. It hoisted a base support above it and bounced off, forming a double-bottom pattern on the daily outlook. This pattern led to a buy and quickly brought a full recovery to the price.
It trades at resistance and is now on the verge of breaking out to a new multi-month high. A successful break from the current trading level may lead to a huge price movement in the coming month. The price target to watch for this potential breakout is $24.
In case of a rejection, ICP may look for a close support level to rebound. Failure to find support could result in a range-bound movement until the price breaks. A drop below $10 could lead to a massive collapse.
ICP’s Key Level To Watch
ICP just rejected the $17.2 resistance level a few hours ago. If the price continues to surge, the potential resistance level to watch for a test is $18. The next one is located at $20 before hitting the mentioned target.
The $16.3 and $14.9 levels have been held as hourly and daily support in the last 24 hours. Lower support levels to consider are $13.5 and $12 in case of decline.
Key Resistance Levels: $17.2, $18, $20
Key Support Levels: $16.3, $14.9, $13.5
- Spot Price: $16.8
- 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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