ICP Technical Analysis: Price May Breakout the Resistance Level of $170

Ankita  |  May 21, 2021

ICP (Internet Computer Protocol) is a commercially used utility token that allows entry, participation, and govern the Internet Computer blockchain network. The network aims to help developers create websites, enterprise IT systems, internet services, and DeFi applications by "installing their code directly on the public Internet." ICP can also be staked or "converted into cycles" that can be used to power computation for dApps and traditional applications. The following ICP technical analysis will predict the price trends for the next two days:

Past Performance

On May 19, 2021, ICP started trading at $178.11. On May 20, 2021, it fell to $168. In the past week, the ICP price has decreased by roughly 35%. During the last 24 hours, ICP has traded between $161-$182.


Day-Ahead and Tomorrow

ICP was trading at $208.66 on May 18, 2021; This was one of the most recent highs after which the price has been falling through May 19, 2021, to find support at $102.11 on May 20, 2021. It started to climb again and moved to $141 on May 20, 2021, and now rests within the range after making a new peak at $207.43.

In the past week, ICP’s official announcement of holders of ICP will be able to deposit their tokens with Sygnum, which will be followed by the rollout of 24/7 spot trading, options trading, and loans against ICP holdings at a later date. Digital asset bank Sygnum will offer custody and banking services for Internet Computer utility tokens, becoming the first bank to do so.

ICP Technical Analysis

The MACD and signal lines are positive. Moreover, a neutral crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum seems positive. Hence, we can expect the price to remain steady.

Currently, the RSI indicator is at 45%. It faced rejection at 62% and rallied to the current level. Thus, selling pressures are high. Thus, the RSI indicator is giving further credence to flat signals given by the MACD oscillator.

Besides, the A/D indicator is neutral and flat too. In short, all three oscillators have given neutral to positive signals.

Currently, the price is above the 23.5% Fibonacci pivot point of $160.23. The price is soon likely to break out of the first resistance level of $171. The price may breakout of the subsequent resistance levels of $168 and $170, respectively, in some time.

Thus, as of now, the neutral to positive trend seems strong, and the price rise is likely to continue the same as well.

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