Discovering Hidden Chart Patterns: A Technical Analysis of ICP

• ICP can give good returns to short-term investors.
• The coin has gone into a consolidation zone at current price levels.

ICP has been constantly forming higher highs and higher lows on the daily chart indicating that it has entered an uptrend. The coin is currently trading at one of its resistance levels.

ICP on the daily chart

The daily chart of the coin shows a double bottom pattern being formed on it. The double bottom pattern is formed at the end of the down move and this pattern’s breakout usually marks the beginning of a bull run. By looking at the chart, it seems like the coin tried to give a breakout of the pattern but instead, it consolidated. This consolidation that has taken place at current levels shows that there is a strong fight between buyers and sellers and if a breakout occurs through this consolidation zone, we may see a strong bull run.

MACD – The MACD indicator shows a bearish crossover at the moment. This indicates that at the current moment, bears have taken over bulls. But as soon as the price rises we may see bears vanishing and a bullish crossover taking place on MACD. Therefore, the MACD indicator does not generate any buy signal currently.

Relative Strength Indicator (RSI) – As of right now, at 59.61, the RSI curve is trading above the 50-point threshold. The value of the RSI curve has increased as a result of the price increase for ICP. The RSI curve will continue to rise if the price of ICP rises even more.

Analyst views and expectations

Currently, the coin does not seem to be a promising long-term investment but as soon as it crosses its major resistance, then the coin can be taken into consideration for investment purposes by long-term investors. On the other hand, short-term investors can look forward to investing in the coin after a consolidation zone breakout.

According to Coin Price Forecast, the ICP price might reach $6.78 by this year’s end.

According to Coin Arbitrage Bot, the price may be about $36.54 by the end of 2023. It also predicts the price of the ICP coin to be around $105.241 in 2025.

The price of Internet Computer is anticipated to increase by 7.16% and reach $6.22 by February 8 of this year, according to Coin Codex’s most recent price prediction. The present sentiment is bearish as shown by its indicators.

Long-term growth is anticipated, according to Digital Coin Price’s Internet Computer token price estimate. The Internet Computer price is expected to be about $18.42 in 2023, making it a wise investment recommendation.

Technical Levels

Major resistance- $8.700

Major support- $3.641

Conclusion

Currently, by looking at the chart, the coin can generate good returns for short-term investors but not for long-term investors.

Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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