- Bulls showed their aggression and a doji candle was formed on charts.
- ICP is still willing to retest the 20 day EMA near $5.00.
Will ICP retest the $5.00 mark?
On the daily charts, the ICP price is near the crucial support mark, where bulls defended it multiple times and bounced off.
Moreover, the chart shows a falling wedge pattern with a neckline near the mark of $5.20, which, if it breaks, then ICP will rise towards the mark of $5.50, but if it declines from there, then again, it will retest the support of $4.60.
As per the recent bounce, ICP shows a bounce from the 23.6% Fib level, which supports the bulls. Moreover, the 38.2% level is near $5.200, which will be retested in the upcoming sessions.
Last month, ICP showed a breakout of the symmetrical triangle pattern, went above the neckline of $5.50, and met with the supply mark of $7.00. Afterward, ICP has faced selling pressure and continued to tank toward the support.
What Traditional Indicators Say?
On the 4-hour charts, ICP shows a range-bound move in the intraday session amid the bounce. Moreover, the RSI is showing a rise above the neutral marks showing a positive outlook.
The MACD indicator began plotting green bars on the histogram, indicating a bullish crossover.
Conclusion:
ICP price held the gains and now attempting to forward the momentum with follow-up buying.
Technical Levels:
Support Levels: $4.60
Resistance Level: $8.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
