Timber
The price of ICP has bounced back again after taking a brief break in buying last week. It has posted more than 20% gains today and is now on the verge of breaking higher on the daily chart.
This month saw ICP through a massive surge in volatility as the price peaked at $11.90 for the first time in twenty months. That led to a temporal pause in buying after facing resistance.
The price rolled back and found support above the $8.5 level. That level produced a s rebound this week and the price started to show signs of strength.
As trading volatility has increased significantly in the last 48 hours, the asset is now approaching the recent peak with an attempt to break higher on the daily scale.
A break above this peak may trigger a bigger rally towards the May 2022 high. Failure to break higher might result in a drop. A dip below this week’s low would confirm a double-top formation for a bigger drop.
Such a bearish setup is likely to bring a retest to several support levels that were flipped as resistance in the past weeks. The price may even retest the descending trendline as support. Regardless of that, the trend is looking super bullish on the daily chart.
ICP’s Key Level To Watch
Source: Tradingview
While the price is on the verge of breaking above the $11.9 resistance level, the higher level to watch on the way up is $13, followed by $14.6 – marked as resistance in May 2022.
If the price pulls back, there’s support at $9.8. Below this support lies the $8.6 level. A further dip from there could plunge the price to $7.4 and potentially $5.81.
Key Resistance Levels: $11.9, $13, $14.6
Key Support Levels: $9.8, $8.6, $7.4
Spot Price: $11.2
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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