- The ICP coin price gained 8.46% after it gave the breakout of its narrow consolidation phase.
- The coin price is currently trading at $3.144.
The Internet computer Protocol (ICP) is a decentralized blockchain, that offers faster and more scalable smart contracts. It gives its users more control over their data through these secure and scalable contracts.
Technical Analysis of ICP Coin
Recently, the ICP coin price has given the breakout of the trendline, which was making the price fall. It was also seen trading inside a narrow zone after forming the support of $2.890.
In the last 24 hours, the coin price has risen by 8.46% after it gave the breakout of the narrow range of $3.048 to $2.890. A strong bullish candle was formed on the last trading day. The volume bar also spiked, showing the interest of the buyers. The price is currently approaching the $3.357 resistance.
If a strong bullish candle is formed and gives the breakout of the $3.357 level, the coin price will reach the $3.650 level. Suppose the price forms a bearish reversal candle at $3.3557, it may fall to $3.139.
As the BTC is pumping and is bullish in the current scenario, other crypto assets’ prices are also shifting towards the bullish sentiment. The ICP price is also showing a bullish reversal sign.
Technical Indicators on the Current Trend
The ICP coin price is trading below the 50-day and 100-day EMAs, indicating the sellers are still in control of the price. The long/short ratio shows the short orders have been placed more than the long orders in the last 24 hours.
However, the relative strength index has moved above the 50 RSI level. It is sloping in the upward direction. It shows that the buyers have started to influence the price and have more room on the upside to raise the price.
Conclusion
In ICP coin price is in bullish sentiment as it has given the breakout of two major resistances. The price is currently moving towards its $3.357 resistance. If the price forms a strong bullish candle with a strong volume and gives the breakout of the $3.357 resistance, it can reach its next resistance at $3.650. However, after reaching $3.357 resistance the price faces rejection from there and forms a bearish reversal candle. Then the price could fall to its support at $2.890.
Technical levels
Resistance Levels: $3.357 and $3.650
Support Levels: $2.890 and $2.500.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.