ICP Technical Analysis: Is There A Short-term Buying Opportunity In ICP?
Table of contents
The ICP prices complete the bear cycle within the triangle pattern in the daily chart as it reaches the base trendline. Moreover, the lower price rejection in the previous candle teases a bull cycle ready to bounce the prices back to the resistance trendline. So, should you consider taking a short-term bullish entry into Internet Computer?
Key Points:
Source - TradingView
ICP Technical Analysis
The ICP price displays a symmetrical triangle pattern forming in the daily chart over the past few months. The recent bear cycle results in a 17% drop before showing lower price rejection at the ascending trendline. Moreover, the price action shows a morning star pattern possibility as the buyers attempt to regain trend control. Hence, the market value may rise higher to the 50-day EMA to test the resistance trendline.
Furthermore, the growing bullish support is evident in the hike in intraday trading volume, which increases the possibility of a positive turnaround.
If the ICP price trend gains bullish momentum, the 9% jump to the resistance trendline can lead to a bullish breakout, prolonging the uptrend to $9, a 45% jump. However, a reversal in Internet Computer prices from the resistance trendline will result in a price drop below the support trendline to $5.
Technical Indicators
The RSI slope shows a reversal in the nearly oversold zone after a downfall below the 14-day SMA and the halfway line. Moreover, the MACD and signal lines give a bearish crossover and reflect a weakness in bullish pressure. As a result, the ICP technical analysis shows a slightly bearish forecast.
Resistance Levels- $6.9 and $9
Support Levels - $5.8 and $5.1