✴️ ICPUSDT | Internet Computer (Name Your Altcoin #8 ✅)The Internet Computer (ICPUSDT) has gone through a similar pattern compared to other altcoins projects but some varieties can be seen as is usual.
The first one is the potential, we can see a whooping 860% that can be achieved for this pair in the mid- to long-term, within 3-6 months.
Short-term there is a massive 171% to 500%+, this while ICPUSDT already printed 6 weeks of green.
Here there is still no volume and just two weeks ago ICPUSDT managed to close above EMA21.
While the RSI is strong above 40 on the weekly timeframe, it still remains below 50, the altcoins we've been seeing are already well above 50.
We can either say that this chart is not as strong as the others or that it is much earlier for this pair, both are true statements.
The fact that 6 weeks closed green is a strong bullish signal, hardly ever a new low is followed after this type of action when a hitting a new multi-year or all-time low.
If you were to see 6 green small candles at high prices or near resistance, the possibility is always there for a drop but at support, we can say that consolidation/accumulation is taking place.
The next detail is the low, it happened on the week of 19-Dec. while many altcoins produced their lows much later.
This low came in as a perfect hammer, lets' review it:
The hammer must have a small real body. ✔️
The lower wick must be at least twice as long as the real body. ✔️
To be valid as a reversal signal, it must come at support or near the bottom of a trend. ✔️
Confirmation comes with multiple session closing above the hammers high. ✔️
This candlestick pattern, the hammer, can be invalidated with a close below the wicks low, in this case 3.357.
If if you get a close below this level you can say that the hammer as a reversal signal has been invalidated. Here it remains valid and has been confirmed on the other hand.
On top of multiple sessions closing green afterward we also have a bullish break of EMA10 and EMA21.
Now, any type of consolidation can happen but the stage is set for growth.
Once we reach this point, patience is all that is required to win.
Name your altcoin #8.
Namaste.
