$ICP Next move analysis:
The ICP/USDT chart suggests a short-term bullish trend due to the following indicators:
1. Moving Averages (EMA):
The EMA(7) is above EMA(25) and EMA(99), indicating an upward momentum.
Price is trending above all EMAs, suggesting strong support.
2. Stochastic RSI:
The Stochastic RSI is near the overbought zone (72.6). This could indicate potential resistance or price consolidation soon.
3. RSI (Relative Strength Index):
RSI at 61.26 is still below overbought levels, signaling potential for upward movement but with caution as it's nearing the higher zone.
4. Recent Price Action:
A sharp move to 10.141 followed by a pullback to 9.713 indicates potential profit-taking but also a continuation of higher lows.
Possible Scenarios:
Bullish Case: If the price holds above EMA(25) (9.294) and breaks resistance near 10.14, the next target could be around 10.5 or higher.
Bearish Case: If the price fails to hold above 9.4 (recent support), it could retest the EMA(99) near 8.8.