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Vikram
Jun 3, 2022
by Vikram

ICP Technical Analysis: Buyers Ready To Reclaim The $10 Threshold  

ICP Technical Analysis

Table of contents

  1. Past Performance of ICP
  2. ICP Technical Analysis
  3. Upcoming Trend
ICP price chart shows a bullish surge ready to surpass the 200-period EMA in the 4-hour chart. Will this reversal surpass the $10 barrier?

Key technical points:

  • The ICP market value increased by 19.89% today at press time.

  • The bullish surge surpasses the 50 and 100-period EMA in the 4-hour chart.

  • In addition, the 24-hour trading volume of the Internet Protocol is $213 Million, indicating a hike of 93%.

    • Past Performance of ICP

    The May 2022 sell-off plummeted the ICP price to a low of $6.07. Later, the buyers attempted to recover the lost value but failed to surpass the $9.65 resistance. As a result, the altcoin witnessed a range bound rally stretched from $9.65 to $6.5. This potential breakout should release the trapped bullish momentum and trigger a direction move.

    TradingView Chart

    Source- Tradingview

    ICP Technical Analysis

    Over the past three weeks, the ICP price has been wavering between the extreme levels of the range. However, a steady rally with increasing volume activity for every successive daily candle shows solid bullish momentum. Furthermore, today the market price is up 20% and teases a bullish breakout from the $9.65 resistance. The RSI slope shows a sharp climb towards the overbought region, indicating a high momentum rally in ICP price. The MACD indicator offers a bullish crossover above the neutral line, giving additional confirmation for the $9.65 breakout.

    A lateral walk among the 50 and 100-period  EMA accentuates a range-bound rally. However, the 200- period EMA aligned with the $9.65 resistance adds an extra layer of an obstacle for potential buyers. In a nutshell, ICP technical analysis forecasts a bullish continuation to reach $10.

    Upcoming Trend

    The $9.65 breakout would be the first sign of ICP recovery, and if coin buyers provide a daily candlestick closing above $9.65, the expected rally should hit the first target  21% higher at $11.64.

    Conversely, a reversal from this overhead resistance would continue the range rally for a few more sessions.

    Resistance Levels: $0.80 and $0.10

    Support Levels: $0.70 and $0.50

     

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    ICP Technical Analysis: Buyers Ready To Reclaim The $10 Threshold  
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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