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 <a href="https://www.cryptoknowmics.com/news/icp-technical-analysis-trading-below-the-second-fibonacci-pivot-point-of-39-71/">look at the technical analysis</a> of ICP.
<h2><b>Past Performance </b></h2>
On Aug 30, 2021, ICP opened at $72.09. On September 05, 2021, ICP closed at $79.27. Thus, in the past week, the ICP price has decreased by approximately 9.65%. In the last 24 hours, ICP has traded between $77.13-$86.47. The volatility has been very high in the last 24 hours.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/1/1axNO5bj.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/1axNO5bj/">https://www.tradingview.com/x/1axNO5bj/</a>
<h2><b>ICP Technical Analysis </b></h2>
The ICP 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 at $77.35. The price has already increased by 7% after the breakout. The volumes also look good with the breakout. Therefore, we can expect the price to further continue its upward trajectory. However, let us look at the indicators.

At the time of press, ICP is trading at $84.56. And, the price has increased by approximately 4% from the day's opening price. Thus, we are witnessing a small pump 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 $85.20 or not. A long position can be taken if the price breaks this resistance level, and sustains above the price level.

On the daily chart, the <strong>MACD and signal lines</strong> are in the positive zone. Moreover, we can witness a bullish crossover by the signal line over the MACD line. Thus, the overall market momentum is turning bullish. Hence, the price may rise further and test the resistance level.

The <strong>RSI indicator</strong> is at 69.37%. It has a lot of potentials to rise and go above the overbought zone. It is constantly taking support of 47% 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.
<h2><b>Day-Ahead and Tomorrow </b></h2>
ICP is currently trading below the<strong> Fibonacci pivot point</strong> of $90.71. If the bulls remain strong till day end, then the price is likely to rise above the<strong> FIB resistance level</strong> of $90.26. Once the price sustains this level, it will highlight the next resistance at $103.79. Thus, traders will have an opportunity to go long.

If the selling pressure increases, the price may fall below the <strong>FIB support level</strong> of $74.34. After the breakdown, the price can test the next support at $67.93. Traders can accordingly take a short position. Thereafter, we have to wait and watch to get confirmation from the price analysis.

ICP Technical Analysis: Trading Below the Fibonacci Pivot Point of $90.71, Wait for Resistance Level of $90.26

If the ICP selling pressure increases, the price may fall below the FIB support level of $74.34. After the breakdown price can test the next support at $67.93. Traders can accordingly take a short position. Thereafter, we have to wait and watch to get confirmation from the price analysis. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

ICP Technical Analysis: Trading Below the Fibonacci Pivot Point of $90.71, Wait for Resistance Level of $90.26

Top Picks