- The ICP coin currently trades at $73.39, with an intraday gain of 11.5%
- The RSI shows a slight divergence concerning the coin’s price action
- The ICP/BTC pair was trading at 0.01457BTC with a gain of 10.11%
The ICP coin is currently resonating in a consolidation phase. This range began when the price was rejected from the $76 mark with an inside day candle. However, such minor consolidations can be an excellent way for the price to stabilize and maintain a healthy bull run. Therefore, the ICP traders can wait until the bulls are back in business and continue their rally.
The RSI (BULLISH) value is 60, indicating a bullish sentiment in the coin market. However, the investors can notice a substantial bearish divergence in the RSI line.
ICP Coin Price Resonating In a Rectangle Pattern
The ICP coin chart displays the formation of a rectangular pattern in the 4hr time frame chart. This range has its crucial SR level at the $55-$76 mark. The price is currently approaching the overhead resistance. However, an explicit confirmation that a trade is only possible when the price provides a decisive breakout from either of its levels.
Due to the sideways movement in the ICP coin, the crucial EMA’s of this chart are drawn too close together, making it challenging to trade any signal properly. Thus, The ICP traders can limit EMA’s to 50 and 200 EMA in order to avoid confusion which will allow them to identify the primary trend in this coin.
The MACD indicator (BULLISH) indicates a bullish momentum in the coin as both the MACD line and the signal line are still moving above the neutral zone(0.00).
Conclusion: From the technical perspective, the ICP coin’s outlook is positive regarding price action and indicators. Thus, trend traders looking for long opportunities can consider. Moreover, the price is currently wavering in a small range, and if it can give a decisive at any of its levels, then the ICP trader can grab an excellent directional move in this coin.
Support: $55
Resistance: $76