ICP Coin Price: ICP is Near its All-time Low; What’s Next?

• The coin has broken all the past supports and is trading near its all-time low. 
• The price is moving towards its first resistance as it makes a new support level.
• The MACD and RSI are on the verge of a bullish crossover. 

The ICP coin’s journey over the past few months has seen ups and downs as the fight between the bulls and bears has been interesting to watch. After hitting a 52-week low of $3.357 in December last year, the coin’s price started to rise again as the bulls made a re-entry. The new year brought in a bullish trend for the ICP coin price, as it rose from $3.35 to its immediate resistance level of $4.03. The bulls showed their strength once again and pushed past this major resistance, which made the price shoot up to $6.27. 

Subsequently, the ICP coin’s price saw some corrections, but it wasn’t long until the bulls arrived, took the support of the 50 EMA, and pushed the price to break past its 200 EMA, making a new high of $8.329 in February. During this period, the relative strength index (RSI) reached an oversold level of 70, which acted as a signal for bearish momentum. Subsequently, the price experienced a decline below both the exponential moving averages EMAs within just one month. 

Technical Analysis and Price Prediction 

However, in April, the bulls tried to fight back again, pushing past both the EMAs, but they couldn’t sustain that level and the price fell below the support levels. Currently, the coin’s price is near an all-time low level of $3.315. The market sentiment for the ICP coin is uncertain for the short term as some green candles are seen.

As of now, the coin has made a new support level of $3.240 after making its all-time low of $3.15 back in August. The 2nd support for ICP coin price is taken on a roundoff value of $2.9. Meanwhile, the immediate resistance for the bulls will be at the level of $3.753, and if they break past this, there is a second resistance at the level of $4.03.

What are the indicators showing?

Furthermore, indicators like MACD are showing a chance of possible trend reversal as its EMA is looking to make a bullish crossover with the MACD line as they both are on the same level of -0.156. 

The RSI, on the other hand, is looking to rise as it has touched its oversold level of 33. Currently, the RSI is looking to get past its Simple moving average (SMA). And this will possibly result in an uptrend momentum in the ICP stock price.

Additionally, the 200 EMA is positioned significantly higher than the current price, at the level of $4.63, and is descending. In contrast, the 50 EMA resides within the first resistance zone. For a trend reversal, the bulls would need to successfully surpass both of these resistance levels simultaneously.

Conclusion

The price prediction for the ICP coin is bullish. As the price has taken a rebound from its support level and it is likely to go to its immediate supply zone of $3.240. As the coin is at the all-time low levels, the stop loss can be taken as $3.18.

Technical Levels

Support:$3.24, $2.9

Resistance: $3.73, $4.03

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.