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- ICP token price has been on a rise and is ready for a big move after the growing trend of the bulls presence.
- ICP token price is forming a routing bottom pattern on a daily time scale.
- The pair of ICP/BTC is trading at the price level of 0.000297 with a decrease of 1.26% in the past 24 hours.
At present, following the overall bullish trend in the global cryptocurrency market. The ICP token price has also gone past small-term resistance and is currently trading at a long-term resistance. At present, the ICP token is trading at the price level of $7.26.
ICP token price races to the supply zone
ICP token price, as per the price action, is super bullish. A recent bounce back from a long-term demand zone has led to a change in the price stature. Currently. The ICP token price is forming a higher high and higher low price structure. It has also gone past important Moving Averages which has led to a strong uptrend. Moving upwards these MAs can be seen acting as a strong demand zone during pullbacks.
ICP token price is trading at the upper band of the Bollinger band indicator after showing a good upside rally in the last 24 hours. Before that, it was training at the lower band below the 14 EMA which was acting as a strong supply zone. Volumes have increased as the token price managed to sustain at the supply zone and therefore investors should remain cautious and exercise caution.
ICP token price is forming a rounding bottom pattern on a daily time frame
ICP token price has been trading on the upside and since then the ADX curve has turned upwards. Previously the ADX curve was dipping but recent bullish momentum. Has changed the scenario as it started living upwards leading to a change in the price structure. As of now, it is trading at the level of 33.61 after dipping out of the 25-mark level.
Supertrend indicator was seen supporting the overall bullish trend observed over the last one week in the price of ICP token. Before the recent bullish move, the ICP token price was facing a strong rejection from the super trend sell line but the recent breakout of small term resulted super trendertrend indicator turning positive. The super trend buy line can now act as a strong demand zone.
Conclusion: ICP token price as per the price is forming a reversal chart pattern after consolidating at a long-term demand zone from the past couple of months. The technical parameters have turned positive indicating a strong bullish trend to foray in the upcoming trading days. However, investors should need to get carried away by such price movement and wait for a clear trend.
Support: $6.0 and $6.3
Resistance: $7.5 and $8.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
