- ICP coin price has been trying above the breakout zone after giving a strong breakout of the supply zone.
- The ICP coin price is forming a falling wedge pattern on an hourly time frame.
- The pair of ICP/BTC is trading at the price of 0.00028 with a decrease of -2.05% in the past 24 hours.
ICP coin price, as per the price action, is trading above the supply zone turned demand zone of $6.00. At present, the coin has started forming higher high and higher low formations on a daily time frame. The ICP coin price gave a breakout with a strong bullish candlestick pattern and did a retest with the same, which resulted in the following bullish rally. Currently, the ICP coin price is trading in the middle of the Bollinger band indicator after failing to surpass the upper band. The ICP coin price has been moving on a downward trajectory for the past 72 hours. The ICP coin price is trading below the 100 Moving Average. Moving forward the coin price can face strong rejection of the 100 MA. Recently the coin price broke out of the 50 MA and 14 SMA. The coin price can take support at these Moving Averages if it faces rejection of the supply zone. Volumes have increased as the coin price broke the string supply zone. As the coin retested the demand zone, volumes have been normal indicating a genuine breakout, which could lead to a further bullish rally.
The ICP coin price if forming a falling wedge pattern on an hourly time frame
Average Directional Movement Index: ADX curve has been dipping on a higher time frame as the coin continues to fall. In an hourly time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the club price rests at the demand zone. It is a positive sign. Investors should wait for a positive candle formation at the demand zone.
Relative Strength Index: RSI curve is trading at the level of 42.75. The RSI curve is yet to cross the halfway mark of 50. Once the RSI curve crosses the halfway mark of 50 the coin price can be seen giving a breakout of the falling wedge pattern on an hourly time frame, confirming the signal. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
Macd and Supertrend are showing a bullish trend on the daily time frame
Moving Average Convergence Divergence: MACD indicator has given a positive crossover way back and since then the coin price has been on an uptrend. Recent bearishness has not affected the indicator as it still shows bullishness. As the coin price broke the supply zone of $6.5 the macd line was seen tubing positive cross-over. Once the coin bounces back off the demand zone, the MACD lines can be seen widening supporting the trend.
Supertrend: As soon as the ICP coin price broke the super trend sell line acted as a strong supply zone, and the super trend indicator triggered a buy signal. Going forward the super trend buys line will act as a strong demand zone. Supertrend buy line is also colliding with a breakout zone. Therefore, investors should wait for a strong bullish candlestick pattern at the super trend buy line and then act accordingly.
Conclusion
ICP coin price is currently falling as it rests at the breakout zone. The coin price is still bullish as the technical parameters suggest the same. Price action also suggests the same as on hourly charts the ICP coin ptheye is forming bullish reversal patterns. It remains to see if the fall in the coin price is just a pullback in the bullish rally or is it a start of a bearish rally.
SUPPORT: $6.00 and $5.75
RESISTANCE: $6.5 and $8.5
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.