After correcting lower for almost a month, ICP found support two days ago and initiated a fresh buy. It currently broke out of a key resistance line and now appears poised for a bullish move on the daily chart. Unlike many other mid-cap altcoins, ICP saw less recovery during the last leg up due to low demand. It subjected the bearish trend to sideways movement and remained relatively indecisive on the weekly chart. The sideways movement came with a correction after managing to tap $6.2 last month, and crypto remained weak again. Luckily for the bulls, the $4.8 level produced support this week and the price bounced back. That led to a three-day surge, and the price broke slightly out of a month resistance line to where it is changing hands at $5.6. This break signals a potential bullish move, and from the look of things, the trend is likely to shift in favour of the bulls soon. Although it is important to note that ICP is still trading inside the bearish zone on a mid-term scale. A clear push above the previous monthly high should set the market up for a big price movement in the short term. Currently, the bears are off the market on the daily scale. If they manage to step back with a pull below the $4 level, we may consider more downtrends on the mid-term scale. But with the current surge in demand level, more positive actions can be expected. ICP’s Key Level To Watch Source: Tradingview The rising leg up is targeted at the $6.37 resistance level. An increase above this level could rally the price to the $7.74 resistance. Above it lies the $9 level. Aside from the $4.8 level recently held as support, the $4.2 level is considered the main support for a dip. A breakdown from there could slide us to $3.5. Key Resistance Levels: $6.37, $7.74, $9 Key Support Levels: $4.8, $4.2, $3.5 Spot Price: $5.64 Trend: Bullish Volatility: Highs 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 !
