ICP Technical Analysis: Weakness And Hopelessness Are Still Stable
Table of contents
Thus, a small weekly candle was formed with the highest trading volumes in 3 weeks. The local culmination of purchases showed the unwillingness of ICP buyers to start a new growth wave. During the week of 4 April, sellers leveled almost all the success of buyers in three weeks. This fact shows the inability to keep the price and redeem the offer of sellers.
At the time of writing, sellers are testing a $15.7 critical mark. Buyers managed to repel the first attack, but there is no confidence and desire to seize the initiative. If the weekly candle of 11 April closes below the $15.7 mark, we will expect the ICP price to continue falling with a maximum target of $10. To realize such a negative scenario, the Bitcoin market must fall below $38,000.
Technical Analysis Of ICP On The Daily Timeframe
However, the local perspective of preventing a negative scenario is present. Analyzing the movement of the ICP price on the daily timeframe, we see that buyers kept the local trend line from 23 February. This is the third test of buyers for strength. So far, trade is taking place at extremely low volumes and we do not see the activation of investors and their desire to greedily buy ICP. Therefore, to realize at least a medium-term trade to the mark of $20, the ICP price must rise to $18 and then keep the range of $16.7.
In this case, the risk of buying ICP will be justified and the probability of growing to $20 will increase significantly. For global purchases of ICP cryptocurrency, buyers should take control of the $23 mark. It is in this mark that there is the main strength of sellers. Breaking and fixing the ICP price above $23 will give the prospect of growth to $37. Therefore, the closing of the current trading week above $15.7 and the beginning of a counterattack of buyers with the first local target of $18 are very important for the further formation of the growth trend.
The ICPBTC Price Is Preparing To Update The Historical Low
In our previous ICPBTC price forecast, we expected a local growth wave to 0.0006. However, there was no growth of 40% - buyers did not have the strength to fully rebound. Thus, the ICPBTC price is stuck in a narrow consolidation near the critical point 0.00044. The best scenario for investors at the moment is to continue this consolidation until mid-May. Such consolidation will allow buyers to buy out the entire offer on the market at the lowest prices and start a growth trend without resistance. Upgrading the local high will result in a confident dip of the ICPBTC price, followed by a probable 0.000369 stop. At this point, you should look carefully to see if there are increased trades. So far, sellers are able to update historical highs without additional effort.