ICP needs to range sideways to gain buyer confidence
Updated
ICP has been one of the worst performing assets in the market. However, it has very strong fundamentals with a ecosystem that is growing at breakneck speeds.
With all of the mistrust surrounding ICP in the markets, I think ICP in the short term is likely to visit ~$22, but NEEDS to range sideways for a considerable time gain buyer confidence again and make serious moves to the upside. The seller momentum is likely to be be high still and any gains seen may be quickly erased.
So if ICP ranges sideways for a month or two it is likely to attract more buyers to and gain real momentum in the upside again. Bulls need to defend the $15-17 support range.
With all of the mistrust surrounding ICP in the markets, I think ICP in the short term is likely to visit ~$22, but NEEDS to range sideways for a considerable time gain buyer confidence again and make serious moves to the upside. The seller momentum is likely to be be high still and any gains seen may be quickly erased.
So if ICP ranges sideways for a month or two it is likely to attract more buyers to and gain real momentum in the upside again. Bulls need to defend the $15-17 support range.
Trade closed: target reached
First target zone reached. If ICP can close on the daily above $23.5 then next stop is target zone two @ $29.5-$32.I would be very surprised if it broke that zone 2 resistance area, but its certainly possible. If it does reach zone 2 I suspect that would be our local top and will start consolidating sideways with high volatility for a while. Should be interesting to watch.
Note
ICP/USD currently forming a Bart Simpson pattern and being weakly supported by the 200hour SMA. I expect further break from here to larger support zonesNote
I expect 116.5/ICP from here. Bulls would need to ready to defend that support priceNote
Prediction on par. ICP to retest 20.5usd
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