ICP token price analysis: ICP token price is stranded at resistance

ICP token price, as the global market rose, was seen rising to the resistance.
The ICP token price is forming a flag and pole pattern on a daily time scale.
The pair of ICP/BTC is trading at the price level of 0.00024450 with an increase of 1.46% in the past 24 hours.

ICP token price as per the price action is in a strong uptrend. As the token price rose to the supply zone, some uncertainty was seen as the token price formed an indecisive candlestick pattern indicating confusion among investors.

As of now, the ICP token price is forming a higher high and higher low price structure attributing a strong consolidation on a small time frame indicating an erratic movement on either side. ICP token price is currently trading above the 50 and 100 Moving Averages. moving upwards the token price can be seen rising and taking support at these MAs during the pullbacks.

The ICP token price is translating the upper band of the Bollinger band indicator, as it bounced off the lower band. Since then the token price has been in an uptrend and has also broken through the important 15EMA. Volumes have also increased causing the volatility to increase.

The ICP token price is forming a flag and pole pattern on a daily time scale

Supertrend: The current status of the super trend indicator on the ICP/USDT token pair on a daily time frame shows that the market is in a bullish trend. The indicator is displaying a green line, indicating that the price is trending upwards and it is taking support at the super trend buy line. However, it is important to keep an eye on the market as the trend could change quickly. Overall, the current status suggests a positive outlook for the ICP/USDT token pair in the upcoming trading days.

Moving Average Convergence Divergence: The MACD indicator on the ICP/USDT token pair plotted on a daily time frame shows that the token pair is in a bearish trend. The MACD line (blue) has crossed below the signal line (red), indicating that the selling momentum is strong. The candlestick chart is also negative and declining, which confirms the bearish trend on an hourly time frame. In simple terms, this means that ICP is likely to decrease in value against USDT shortly if it fails to hold the current levels. It’s important to keep a close eye on the MACD and other indicators for any signs of a change in trend.

Relative Strength Index: The RSI indicator, when plotted on the ICP/USDT token pair on a daily time frame, currently shows that the market is in overbought territory. This means that the market has been experiencing upward momentum and prices are likely to be high. The RSI value is above 70, indicating that there is a high likelihood of a price correction shortly. Traders should be cautious and wait for a clear trend to jump into it.

Conclusion: ICP token price deposited a bullish trend in the last month but has failed to hold the resistance. And currently, it has started depleting indicating a further fall if bears overpowered bulls. It remains to see if the bulls will hold off the bears or fail to do so.

Support: $4.977 and $4.678

Resistance: $5.78 and $6.91

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing