- The RSI shows a bullish divergence in the daily time frame chart
- The ICP/BTC pair was trading at 0.001109 BTC with a loss of 4.98%
- The 24 hr trading volume in ICP is $128.9 Million
The ICP coin price shows a 40% drop from its previous recovery after the bloodshed of June month. The bear attack is dedicatedly breaking all the new support levels on its way, as it aims towards its all-time low, i.e., the $28.5 mark. Hence, traders can look for a short entry in this bear dominating coin to grab some good profits.
The RSI (BEARISH) value is at 30, indicating a strong bearish momentum in the market. However, investors can notice a bullish divergence as the RSI line is almost moving sideways when the price shows a clear downfall.
The Falling Wedge Pattern Brings Some Hope For The ICP Bulls.
The ICP coin shows a falling wedge pattern in the 4hr time frame. This pattern usually gives an upside breakout, offering an excellent opportunity for the ICP bulls. In addition, the traditional pivot levels show remarkable confluence with the SR level of the 4hr time frame chart, providing an extra edge for the market participants.
About the EMA’s, the ICP coin is trading below all the crucial EMA’s 20, 50, 100, and 200, indicating an excellent bearish trend formation. Moreover, each of these can be marked as a good resistance level for the ICP coin. Moreover, the 20 EMA acts as strong dynamic resistance and will be an early warning for the bears if the price crosses above it.
The MACD indicator (BEARISH) shows the MACD line and signal line are moving below the neutral zone(0.00), which usually indicates bearish momentum. Although these lines have also given a bearish breakout, the MACD slope is not as steep as the price action, which is a good sign for the bulls. Also, the histogram is constantly shifting between the green and red bars, stating an unclear emotion among the market participants.
Conclusion: From the technical perspective, the overall market sentiment of the coin is strongly bearish, and the only good support between the current price of the ICP coin and its all-time low is a $34.5 level. In addition, the chart also shows a falling wedge pattern which could provide an excellent long opportunity to ICP traders if it gives a strong breakout from the overhead resistance trendline.
Support– $34.5
Resistance– $41.5