- ICP Token price action forms a descending triangle pattern in the daily chart.
- The intraday trading volume of ICP token is $295 Million, a fall of 25% in the last 24 hours.
- The pair of ICP/BTC is trading at 0.0006917 BTC with an intraday fall of -4.32%.
ICP Token price action indicates the formation of a descending triangle in the daily chart. The support zone near the $40 mark acts as the base of the descending triangle. Moreover, the price is trading close to this base.
ICP Token trades at $42.89 and has seen a 2.14% decrease in market capitalization over 24 hours. In addition, the intraday trading volume has decreased 25% in the last day, indicating that the sellers are leaving.
ICP Token in the 4-Hour Chart.
The ICP token price trades in support of a strong resistance trendline on the 4-hour chart. The price is stuck within this pattern. It may be able to break out on either side soon.
Pivot point analysis shows that resistance levels for the token are at $75 after $57. Sellers might encounter resistance at $27 if the price falls below the $40 support level.
The daily chart shows that ICP coin prices are lower than any of the EMAs. These EMAs could act as resistance levels. It will therefore help to maintain the underlying bearishness.
The RSI indicator predicts a slightly higher level of underlying bearishness as the slope drops below the 50% mark.
The ADX indicator is a rising trend that suggests there is potential for significant underlying momentum.
MACD indicator produces a sell signal when the fast line creates a bearish crossover between the slow line on the daily chart.
Conclusion: ICP Token’s future trends are growing bearish from a technical perspective. A combination of increased selling pressure and technical indicators suggest that there is a downtrend.
Support – $40 or $27
Resistance – $57 and $75