ICP Price Analysis: ICP Price Making a Double Bottom Pattern

• The ICP price is currently trading at $5.016 while seeing a change of 19.09% in 24-hour trading volume.

• The ICP price is observing an increase of 4.47% in the last 24 hours.

• The ICP price might see a bullish rally in the coming days.

The ICP price has been trading under the bear’s influence for the last couple of days. After taking support from the price of $3.500, the ICP price got buyers’ support and made a higher high and higher low pattern. While recently breaking out of its previous bear trend, ICP made a small correction. The price made a  higher high with an extremely bullish momentum while gaining 83% percent of its value back.

The price making a double bottom pattern near support on the (Daily Timeframe)

The ICP price after taking a sharp downfall from the $5.500 price point made a small consolidation pattern around $3.500 and also made a double bottom pattern. After taking resistance from the 4.500 price point, the ICO price made an extremely bullish rally and gained 62% of its value back while making a breakout through its previous bear trend.

After making a small correction from the price of 6.100, ICP gained buyers’ support and made its new high near 5.560 while gaining 62% of its value back. But the price couldn’t sustain above those levels and made a bearish correction.

Technical Analysis ( 1 Day Timeframe )

The price is currently trading below the 200 EMA in a bear trend. After gaining support from the 3.500, the price gained bullish momentum and made a breakout through the 100 EMA. Although it was not able to cross above the 200 EMA, it made a bearish correction. After taking support from the 100 EMA, ICP price made another attempt and made a breakout through the 200 EMA. 

However, the buyers did not support the price above those levels and ICP saw a sharp rejection while crossing below the 200 and 100 EMA in one bearish move. When the price made another retest, it was not able to cross above the 100 EMA. As of now, the ICP price is taking support from the $4.500 level while making a bullish hammer and a morning star-like candlestick pattern, a bullish candlestick signal. 

Technical levels –

Support -$4.517

Resistance – $6.241

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.