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- 1 The ICP coin is trading at $4.82 (press time) while seeing a change of -23.41% in 24-hour trading volume.
- 2 The ICP price observed a decline of 0.42% in the last 24 hours.
Investors are bearish on ICP coin despite the buyers’ bullish sentiments in the overall market. The price recently took a strong rejection from the 100-day EMA and the ongoing price action suggests that this bearish reversal might continue.
Presently, the support level – $4.582 – for ICP is 6 percent below the current price and the resistance is 8.58% above the current price. Previously, ICP price attempted a breakout by making a bullish double-bottom pattern but failed to cross the 100-day EMA. However, after taking support from its previous support level it might make another attempt.
ICP Price Faces Resistance From the 100-day EMA on the (1-Day Timeframe)
ICP price is presently trading under a symmetrical triangle. After marking its new 52-week low in late December, the price took support from the $3.500 and went bullish, gaining more than 96% of its overall value. Following this, ICP price gained strong support from the bulls and attempted to break above its 200 EMA resistance.
ICP did not sustain above those levels and after reaching the $7.500 price point, the sellers stepped into the action. After making a bearish Doji candle pattern, the price took a downfall and lost 37% of its overall value.
Technical Analysis (1 Day Timeframe )
As of now, ICP price is making multiple attempts to cross above the 100-day EMA resistance level. But the sellers are controlling the price action. The price is taking consistent rejection from the 100-day EMA which might change when the ICP price attracts more buyers.
The RSI line is currently making a higher-high and higher-low pattern suggesting that it might give a positive crossover above 14 SMA.
Conclusion
Despite the bearish sentiments in the recent price action, ICP price is getting buyers’ support at around $4.582 suggesting that the buyers are attempting to recapture the market. If the price breaks above its resistance with strong momentum, the price could make a bullish rally of 17%.
Technical levels –
Support -$4.500
Resistance – $5.271 and $6.137
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
