ICP
Although ICP has broken above the downtrend line at $9, it is still struggling to conquer the $10 area, where the 100-day and 200-day EMAs are located. Until it breaks above this key level, significant resistance could stand in its way, leading to potential price consolidation.
The RSI curve has touched the overbought region, indicating a possible decline. But don’t give up on ICP just yet – the trend reversal is still ongoing and new highs have been made. On-chain indicators paint a bullish picture, with weighted sentiment surging 4% and social dominance rising 3%, indicating good upside.
Total liquidations show long positions at $284,000 and short positions at $10,000, highlighting investors’ eagerness to lock in gains, which could change the market dynamics. ICP has immediate support at $9.20 and $8.80, with key overhead resistance at $10.20 and $11.80.
ICP has climbed above the 20-day and 50-day EMAs and is touching the all-important 200-day EMA. Short-term indicators are showing a positive crossover, suggesting a trend reversal. If ICP can break above the $10 barrier, a massive short-covering rally could push it to $12, setting the stage for an exciting rally.
The anticipation is thrilling. Will the bulls win and push ICP to new highs, or will the bears seize control? Investors are anxiously watching ICP as it approaches this pivotal moment.
