More On: ICP
- A descending resistance line is being followed by ICP.
- At $29, there is resistance on the horizontal axis.
- Both the RSI and the MACD show a clear bullish divergence.
ICP, which hit a new low on February 22nd, has since bounced slightly and is showing early signs of a potential bullish reversal. Internet Computer (ICP)
Since hitting a high of $87 on September 6, ICP has been falling along a descending resistance line. So far, it has fallen by 79 percent, reaching a new record low of $16.81 on February 22.
Dropping below $29 also led to a loss of horizontal support.
Since then, ICP has made a small rebound and may soon try to break out of the descending resistance line.......... Assuming this is the case, buyers should encounter resistance around the $29 mark.
Is the ICP at its lowest point?
There is a strong possibility that the price of ICP will soon hit a long-term bottom and begin a significant upward movement, according to cryptocurrency trader @PrinceofElliott.
The MACD and RSI both show a very significant bullish divergence (green lines) on the daily chart, which indicates a possible trend reversal.
A bullish trend reversal is usually preceded by a sharp divergence like this. As a result, they predict that the resistance line will be broken at some point in the future.
There will be a lot of resistance at $58 if the $32 area is reclaimed. The 0.618 Fib retracement resistance level is located in this horizontal resistance area when measuring the entire drop.
Analyzing the number of waves
The wave count indicates that ICP has completed or is very close to completing a five wave downward movement. The ending diagonal shape of wave five suggests that the subsequent reversal will be swift.
Fib ratios are compatible with the impulse as well. 0.618 the length of wave three (black), wave one has the combined length of both waves, and wave five is 0.618 the length of wave three (black).
It's possible that ICP has reached or will reach bottom as a result of the convergence of all these factors.
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