After swiftly recovering from a crash to a year low recently, ICP faced resistance and resumed pressure as selling volume increased. It appears weak at support and looks poised for a bigger crackdown. Most of the altcoins have recently followed Ethereum’s pattern, and are now looking extremely oversold following a sudden collapse to a year low, including ICP, which is now trading at a critical support zone daily. A recent attempt to break through this support zone (of $7 and $5.8) has proven abortive. But now that trading is back there, we may soon see a major breakdown to the $3 level. Looking at the daily price actions, the selling volume appears low at the time of writing. However, if the bulls continue to defend the support zone well, we may see a mini-recovery towards $9 before deciding on where to head next. Pushing through this price level could bring a major relief in the market and at the same time restore bullish hope for a positive move. While there are no signs of such a scenario at the moment, the price may remain calm a bit due to low selling volume. That could lead to a brief consolidation phase before resuming bearish at full speed. ICP’s Key Level To Watch Source: Tradingview The immediate support level for a drop right now is $5.81. If the price collapses through it, the next level for support would be $4.5 and $3. Towards the upside, ICP recently held the $7.74 level as resistance. A push above that resistance should bring a little recovery to the $9 level. Higher resistance levels to watch for recoveries are $10.5 and $12.9. Key Resistance Levels: $7.74, $9, $10.5 Key Support Levels: $5.81, $4.5, $3 Spot Price: $6.87 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: moxumbic/ 123RF // Image Effects by Colorcinch
