Since the market recovered from July’s low, ICP’s price has remained in range-bound while finding it difficult to break lower. It just rejected a key resistance after charting a notable gain in the past five days.
Following July’s rejection at $11, ICP rolled back gains but managed to stay firm above the $6 level after making a short bounce in early August.
Unfortunately, the volatility dropped for two weeks and later rose near the $9 level. The bears intercepted the move and pulled the price back to the previous low. After two failed attempts to break down monthly, the crypto reestablished support and initiated a fresh increase last Friday.
This brought a notable gain since then as it touched a weekly high of $9.1 yesterday. The price dropped and traded at $8.5 at the time of writing.
Having lost buzz a bit today, a rebound above the $7 level should bring more price growth in the coming days. Otherwise, ICP may continue to trade sideways until it decides on which direction to head next.
However, if the price breaks beneath July’s low, we can anticipate an extension to the $3 range before bouncing back. Despite the latest price surge, it is still considered neutral-bearish on the daily chart. The price must break above July’s high before we can confirm a bullish move.
ICP’s Key Level To Watch
On a second attempt, ICP failed to push above the $8.96 resistance due to a rejection. A third attempt could break the price to the $10 level and perhaps $11 (July’s resistance) before rallying hard.
The $6.8 and $5.81 levels currently serve as support on the daily chart. If they collapse, $4 would be the next level to consider as support.
Key Resistance Levels: $8.96, $10, $11
Key Support Levels: $6.8, $5.81, $4
- Spot Price: $8.65
- Trend: Neutral-Bearish
- Volatility: Low
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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