ICP Technical Analysis: Buyers Have No Fire In Their Eyes
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Pay attention to the trading volumes during this week. Given the average size of the candle for the week of 3 January, trading volumes were abnormally high. In fact, it was the highest trading volumes in the history of ICP trading in the weekly timeframe. This fact shows us that sellers with limit orders sold their positions during the active price growth. The result is a new update of the historical low and continued price movements in the fall channel.
At the moment, we see that starting from 14 March, buyers began a local growth wave. As part of this wave, trading volumes are low and the price is below the critical range of $25. While the ICP market is such a situation - investing in this cryptocurrency is dangerous.
Technical Analysis Of ICP On The Daily Timeframe
The lack of sufficient strength of buyers is also observed in the daily timeframe. Buyers are currently fighting for the $19.5 mark. Now, this fight is losing to buyers. During 23-24 March, sellers began to slow down price growth and this is very noticeable in the daily timeframe. During the $19.5 liquidity test, low trading volumes were recorded. This is clearly visible on the daily candle on 24 March.
Given the weakness of buyers at the critical point, our main scenario at the moment is the formation of a global triangle and the ICP price fall to $16.2. By keeping this mark, buyers will have another chance to break the $19.5 mark and break the global downward trend. In this case, our main target will be to increase the ICP price to $37.
The ICPBTC Price Is Below The Liquidity Zone
Analyzing the ICPBTC price movement on the weekly timeframe, a special positive is still difficult to notice. The price is falling relentlessly, and in the last 4 weeks the trading volumes has dropped to a record level. At the moment, ICP is not attracting a large investor and is looking for a liquidity zone to stop the fall. Theoretically an increase in the price of ICPBTC by 30-40% is possible. However, to begin with, buyers should take control of the range of 0.000475. The confident start of a new growth wave can be said after taking control of the mark of 0.000650. All ICP purchases below the above are high risk investments. When buying during the reign of sellers' initiative, it is worth breaking the capital into several probable updates of the lows. This will make it possible to form a good average price with a negative ICP market.