- 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.
ICP price held the gains and now attempting to forward the momentum with follow-up buying.
Support Levels: $4.60
Resistance Level: $8.00
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