ICP PRICE ANALYSIS:- Price near the Resistance and bulls with huge pressure?

The trading volume in the last 24hr at the time of writing this article is +126.90%
The price of ICP/BTC and IPC/ETH at the time of writing this article is 0.001096BTC and 0.01588ETH
50MA acting as a resistance in daily chart interval

LONG TERM VIEW:-

We can see that the price is taking a huge resistance on the 50MA and is not able to break it and also we can see the price is not able to go down the 20MA support but the next candle will be crucial. Let’s have a look at the technical indicator as to whether the price will break the 50MA resistance or not. We can see that the MACD is showing a green histogram meaning the MACD line is above the Signal line. In addition to that we can see that the RSI is in the neutral zone near 53 and we can see the RSI is pointing towards the Overbought zone (70) but if can be influenced by the volume as of now bulls are winning to the RSI is giving the Indicator of a bullish move. Lastly we can have a look at the Moving average as the 20MA and 50MA are below the 100MA which is a bearish sign but we can see that the 20MA has started changing its direction and will cross the 50MA soon.

Tradingview

SHORT TERM VIEW:-

In the 4hr time interval we can see that the RSI has taken a bounce from the overbought line of 70 and we can see there is a bearish RSI divergence as the RSI is at the same level but the price is not that means bearish momentum is coming soon. In addition to that we can see that MACD is showing green Histogram as the MACD line is above the Signal line. And moving average is same as the 50 resistance and 20Support ( like in daily chart)

Tradingview

CONCLUSION:-

We can see that the price is near resistance but will the price break? The answer depends on the next candle as we have seen a bearish divergence taking place in the 4hr time frame. The bears will try their best to drive the price down. Bulls are winning the fight right now but if they are able to sustain the pressure of the bears the a bullish movement can see seen but if not the price is fall making the trend bearsh

RESISTANCE:-$61,$68

SUPPORT:- $50,$41

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Antonio K Smith: Antonio is a travel photographer by profession and came across the Crypto world during his profession. Since then his love, knowledge and interest towards the technology have increased. He brings his passion to create in his articles.