The ICP price is currently taking a major bearish resistance from the 200 EMA on the daily timeframe. The sentiments of the investors have been positive regarding the ICP price for the past few weeks though the current movement of price suggests that it may take a bearish correction within recent days. At present, the ICP token is making an attempt to recover its previous value though it may not find the result it seeks.
ICP token is recently given a breakdown to the symmetrical triangle pattern. Though the buyers did not relinquish their control over the trend and made another attempt to make a bullish reversal which may prove futile. According to the historical price action, it has been facing severe resistance from the 200 EMA for the past few months. Investors may prefer to remain cautious against a bullish move as the sellers seem to remain dominant in this trend.
Bullish and Bearish Sentiment Comparison of IOTA Token
The investor’s sentiments regarding the IOTA token are presently seeing a positive rise. The total bearish sentiment metrics provided by LunarCrush have increased by 60% within the last week despite the bears’ strong presence in price action. Respecting that Total Bearish Sentiment metrics have declined by 24.42%.
After marking its new 52-week low in late December, the price has been making constant efforts in order to retain its previous value. Previously, the price took support from the $3.500 and started trading on a bullish trend, after which it recovered more than 96% of its overall value. Despite gaining support from the bulls, ICP’s price has not been successful in breaking above its 200 EMA resistance.
Technical Analysis of IOTA
The oscillators are moving in the same direction which strengthens the probability of a bearish correction. The prediction is supported by four technical parameters.
The RSI line is taking a negative turn after facing rejection from the overbought level. The current value of the RSI line is 60.01 points whereas the 14 SMA is around 51.44 points.
The stochastic RSI is taking a critical rejection from overbought level points. The %K line suggests that it may soon give a negative interception to the previous resistance zone. The current value of the stochastic RSI is 81.58 points.
Conclusion
Currently, ICP price is attempting to cross above the 200 EMA resistance level. The price suggests that the buyers are attempting to recapture the market.
Source: https://www.thecoinrepublic.com/2023/05/31/icp-price-analysis-icp-price-prepares-for-a-bullish-breakout/