ICP Technical Analysis
ICP has broken out from the descending trendline with a strong green candle, suggesting a potential bullish momentum. However, the price is currently facing rejection at a key resistance zone (Green) at $10.569 – $10.952.
If ICP manages to break out directly without retesting the demand zone first, there is a high probability that the price will continue its upward momentum. This could signal a trend reversal back to bullish momentum, likely reaching our target resistance area (Blue) at $15.148 – $16.265.
On the downside, if the price of ICP fails to break out from the Green zone we might see a pullback to the support level at $8.549.If the price hits this zone we can expect a significant bounce back to an upward trajectory.
However, if the price fails to sustain above the $8.549 level we might see the price at the next level at $7.043.In case the price breaks this last level marked on the chart we will see more downward price movement.
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good analysis