- Following the bears’ dominance, the ICP price is in a pleasing upswing on the daily price chart.
- The coin has approached the 20 and 50 days moving average and now it seems the price will slump back.
- The ICP/BTC pair is at 0.0003275 BTC which is at a gain of 0.94%.
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After the domination by bears the ICP price is at a flattering uptrend over the daily price chart. The bulls are struggling to pump the price as the bears are not ready to give up their dominance over the market. The coin needs to attract more buyers to make this flattering process a continuous one. The ICP price is currently trading near its all-time low so the investors are a bit scared, so the bulls need to take responsibility.
The current price for one ICP coin is trading at $6.99 which is at a gain of 4.45% in its market capitalization in the last 2 hrs. The coin has a trading volume of 98 million which is at a gain of 35.80% in the 24 hrs trading session and a market cap of 1.7 billion. The volume market cap ratio for ICP is 0.05496.
Short-term Analysis for ICP
While looking for the short term (4 hrs) analysis we can observe that the bears are dominating the price currently. The bears made the price fall 7 in just 16 hrs, this is an indication of the bulls to come and take over.
The MACD indicator indicates the sellers are dominating currently as the seller’s signal line jus approached the buyers line and is now about to make a cross from below this shows the bearish dominance. In support, the relative strength index is showing the selling pressure over the coin which is a major reason for the. The RSI value for ICP is nearly equal to 55.
Conclusion
After the domination by bears the ICP price is at a flattering uptrend over the daily price chart. The coin needs to attract more buyers to make this flattering process a continuous one. Trading volume is at a gain of 35% which has started declining, as the price is under influence of the bears over the hourly price chart and the technical indicators also support a bearish movement further.
Technical levels
Resistance levels: $8.06 and $8.85
Support levels: $6.08 and $5.02
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.