ICP trades below its 9- and 20-day EMAs with bearish MACD and neutral RSI, as bid and ask walls define a tight range and cap prospects for any near-term breakout.
Summary
- ICP remains under its 9- and 20-day EMAs after a multi-week downtrend, with only tentative attempts to form mid-range support.
- MACD stays negative but shows contracting histogram bars, while RSI in the low 40s hints at weak, range-bound momentum rather than capitulation.
- Order-book data shows strong bid walls cushioning downside and stacked ask walls capping upside, with a key psychological level acting as major resistance.
Internet Computer Protocol (ICP) cryptocurrency continues trading below key technical levels following a multi-week downtrend, according to technical analysis from market data.
The digital asset remains below both its 9-day and 20-day exponential moving averages, with price action showing limited recovery attempts after an extended decline. Daily closes indicate attempts to establish support in the mid-range, though the cryptocurrency has not reclaimed its short-term moving averages, according to chart data.
Technical indicators present mixed signals. The Moving Average Convergence Divergence (MACD) remains in negative territory, though histogram bars have contracted in recent sessions, suggesting a potential easing of downward pressure. The Relative Strength Index (RSI) hovers in the low-40s range, indicating neither oversold conditions nor strong momentum.
For potential price advancement, ICP faces resistance at multiple levels where prior rejection occurred. Breaking above the 9-day exponential moving average would represent the first technical hurdle, followed by higher resistance zones where trading activity historically increased.
Support levels exist at substantially lower price points established during previous market declines. The distance between current trading ranges and these support levels indicates potential downside risk if stabilization efforts fail.
ICP faces rejection at multiple levels
Order book data shows three significant bid walls currently providing liquidity support. The nearest bid wall offers immediate defense against further declines, though breach of this level could expose the cryptocurrency to additional downside movement toward deeper support structures.
On the upside, multiple ask walls present obstacles to price recovery. Clearing the first major ask wall could enable movement toward higher resistance levels, with a larger liquidity concentration positioned at a key psychological price point.
Technical analysts note that while indicators maintain a bearish bias, the slowing rate of decline in MACD readings combined with stabilizing RSI levels suggests the possibility of sideways trading rather than immediate trend continuation.
A sustained close above the 9-day exponential moving average would signal a shift in short-term momentum, according to technical analysis frameworks. More conservative approaches would require reclaiming primary resistance levels to confirm structural trend reversal.
Source: https://crypto.news/icp-price-stuck-below-key-emas-as-bears-retain-control/