ICP TOKEN Price Analysis: ICP token price is trading at a make-or-break level, what’s next?
- The ICP token price is trading at the supply zone on a daily time frame.
- The ICP token price forms a falling wedge pattern on a daily time frame.
- The pair of ICP/BTC is trading at the price level of 0.0002633 with an increase of 1.97% in the past 24 hours.
ICP token price is trading near the supply zone of $5.76, as it tries to break it. ICP token price has bounced off the demand zone as the token price follows bullish momentum. At present, the token price is trading in a small narrow range and a breakout on either side will trigger a big move. As the ICP token price moves higher it is forming higher high and higher low formations in a 4-hour time frame. While on a weekly time frame the token price is still bearish as it forms s lower low and lower high price structure. The ICP token price is trading below the 50 and 100 Moving Average. This comes after the token price failed to sustain above the demand zone during previous sell off.Going forward the token can face rejection and fall back into the demand zone. The ICP token price is currently trading at the upper band of the Bollinger band indicator after bouncing off the Bollinger band indicator. The ICP token price has already given a breakout of 14 SMA as the token now retests the yellow line. Volumes have increased as the token price hovers near the supply zone. This will lead to an increase in volatility.
The ICP token price is forming a falling wedge pattern on a daily time frame
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token forms a bullish chart pattern on a daily time frame. The token bounced off the demand zone which resulted in a positive crossover. The blue line crossed the orange line on the upside. As soon as the token breaks the supply zone on the daily time frame the MACD line can be seen widening, supporting the trend.
Supertrend: The ICP token can be seen moving up as soon as the token breaks the supply zone. The token is hovering around the supply zone. The ICP token zone is yet to cross the super trend sell line which is acting as a strong supply zone. This comes after the token price bounced off the demand zone with strong bullish pressure. As a result, the super trend indicator is still trading below the supertrend sell line. Although the token price is yet to break the supply zone, moving upwards the token price can be seen facing strong rejection from the supertrend sell line.
Average Directional Movement Index: ADX curve has been dipping on a weekly time frame as the token continues to fall. In a 4-hour time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As seen in the 4-hour time frame the ADX curve has risen above the zone indicating strong bullishness. As the token price hovers around the supply zone, the ADX curve is still pointed upside. Investors should wait for a breakout of the supply zone with a positive candle formation.
CONCLUSION: The ICP token price is trading at the short-term supply zone, as it forms a bullish chart pattern on a daily time frame as the price action suggests. The technical parameters have turned positive as the token price rose from the demand zone. It remains to see if the token price will break the supply zone and start moving up after consolidation or break the demand zone and fall.
SUPPORT: $4.75 and $4.50
RESISTANCE: $5.72 and $5.76