ICP is considered one of the major innovations of blockchain technology along with Bitcoin and Ethereum. ICP in all is an innovation that allows smart contracts to run on web page speed, processes at a faster speed, and also provides efficient data storage technology to the developers. This platform is a revolutionary platform in the history of blockchain innovations. Let us look at the technical analysis of ICP.
On September 10, 2021, ICP opened at $60.82. On September 16, 2021, ICP closed at $57.96. Thus, in the past week, the ICP price has decreased by approximately 5.65%. In the last 24 hours, ICP has traded between $56.89-$61.51. The volatility has been very high in the last 24 hours.
The price has shown a constant rise in buying pressure from the demand zone. Which has led the price to break out of the important resistance level. The price is currently near the support zone. After a bull trigger, we can expect it to bounce up from these levels.
At the time of press, ICP is trading at $58.25. And, the price has increased by approximately 1% from the day’s opening price. Thus, we are witnessing a small rise in the price. To confirm the trend of the price, we will have to wait and see if the price is breaking the immediate resistance level at $62.69 or not. A long position can be taken if the price breaks this resistance level, and sustains above the price level. Until then, selling pressure in the overall market seems high.
On the daily chart, the MACD and signal lines are in the positive zone. However, we can witness a bearish crossover by the MACD line over the Signal line. Thus, the overall market momentum looks bearish. Hence, the price may further fall and test the support level.
The RSI indicator is at 45.37%. It has a lot of potentials to rise but it has to break the resistance level which is at equilibrium. It is constantly taking support of the 43% mark and rising. Thus, buying pressures are slowly increasing. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.
In short, when we look at all the oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
ICP is currently trading below the Fibonacci pivot point of $86.71. If the bulls remain strong till day end, then the price is likely to rise above the FIB resistance level of $62.69. Once the price sustains this level, it will highlight the next resistance at $71.50. Thus, traders will have an opportunity to go long.
If the selling pressure increases, the price may fall below the FIB support level of $54.34. After the breakdown price can test the next support at $44.93. Traders can accordingly take a short position. Thereafter, we have to wait and watch to get confirmation from the price analysis.