This week started a bit ugly for ICP but the price is looking strong today following a small increase from a temporal support level yesterday. However, the overall market remains bearish as it charges for gains.
Since ICP found solid ground in early July, the $5.8 level has remained firm as it continues to produce support on the daily chart. Though the bears attempted to reclaim the mentioned level during this month’s drop they failed due to a quick bullish interception at $6.
That interception led to a small push near $9 last weekend but the price got rejected again. The seller stepped back and the price dropped to $7.5 yesterday. The bull intercepted again and pushed the price back to $8 at the time of writing.
This led to a 5% gain overnight and the price is now looking strong on the day. If the crypto holds yesterday’s low as weekly support, we can expect a notable increase above last week’s high in the next few days. A such move should signal a potential bullish reversal in no time.
If a rejection occurs again, the price may roll back to look for nearby support. Failure to locate support might lead to a major break below the mentioned July support capable of causing more pain in the market.
ICP’s Key Level To Watch
Source: Tradingview
An increase above last week’s $8.96 resistance should confirm a minor shift in the trend before surging to the $10 and $11 levels – marked as July’s resistance. A further surge through it should bring a major shift and at the same time validate a double-bottom pattern.
A dip below yesterday’s $7.5 low could facilitate a collapse through the $5.81 support level to a new yearly low of $4 before a potential rebound.
Key Resistance Levels: $8.96, $10, $11
Key Support Levels: $7.5, $5.81, $4
Spot Price: $8
Trend: Neutral-Bearish
Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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