Market Analysis

INTERNET COMPUTER PRICE ANALYSIS & PREDICTION (May 17) – ICP Bulls Push Back After Short Pullback, Can They Sustain Pressure?

ICP is slowly picking up again after witnessing a huge reduction in the past weeks. Showing signs of strength in the past hours, the price is now up 15% following a sharp bounce off a key level this week. More gains lie ahead!

The past month’s recovery appeared to have brought a temporal halt to ICP’s correction from a technical standpoint. And from the look of things, it appeared the bulls are trying to step back with the latest push.

However, things might get uglier for this asset if market sentiments and speculations turn out negative again. Meanwhile, it has rejected the $11.2 level and mounted support there after witnessing drops for two weeks.

Following a slight drop yesterday, it resumed the surge today and saw its most daily gain since the start of the week. It is showing no signs of stopping with the ongoing surge in volatility. A cool-off may bring a slight pullback on the lower timeframe before resuming the surge.

Looking at the market structure, it appeared to be forming a new bullish pattern on the daily chart. If this pattern successfully comes into play, we may see a strong monthly close above the $17 level. 

Inversely, a drop below this week’s low could trigger a serious sell-off, causing more pain in the market. The next few days of trading will determine whether the bulls can sustain this pressure or not.

ICP’s Key Level To Watch

Source: Tradingview

The primary resistance level for buying lies at $14. There’s also a close resistance at $14.9. If all these resistances flip, the next to watch is $16.4.

Currently, the $12.23 level is serving as minor support. If the price pulls lower, the weekly $11.2 support is the next to keep in mind, followed by $10.5.

Key Resistance Levels: $14, $14.9, $16.4

Key Support Levels: $12.23, $11.2, $10.5

  • Spot Price: $13
  • 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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