ICP Crypto is Momentum Buy of the Week: ICP Coin Next Target!

2 months ago 27145
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ICP is experiencing a positive short-term price increase with healthy trading volumes, supported by technological advancements and growing adoption in decentralized applications.

Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines.

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ICP Crypto Price Analysis

Internet Computer Protocol (ICP) is trading at $7.71. ICP made a 24 hours low of $7.59 and a high of $8.05.

  • Market Cap: $1.4 billion
  • 24h Trading Volume: $70.58 million
  • Total Supply: 488 million ICP
  • Circulating Supply: 452 million ICP
Icp Crypto Price AnalysisImg src- Altfins

Price is in a Downtrend, however, it had a bullish breakout from Channel Down pattern, which could signal at least a temporary bullish trend reversal with +20% upside potential to $10.50 resistance. Stop Loss at $6.67. 

Weekly Price Analysis

  • 7d Change: +15.30%
  • Week Opening Price: $6.72 USD
  • Weekly High: $8.05 USD
  • Trend: Short-term trend is Neutral, Medium-term trend is Neutral, Long-term trend is Strong Down.
  • Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining,
  • Support and Resistance: Nearest Support Zone is $6.00. Nearest Resistance Zone is $8.50, then $10.50.

Technical Indicators

  • RSI: 55 (neutral)
  • The MACD line is currently trending above the signal line, indicating a bullish momentum.
  • ICP’s price is nearing the upper Bollinger Band, indicating that the price might see resistance and a possible reversal or consolidation.

News Roundup

  • Smart Contract Development: ICP continues to benefit from the adoption of its Motoko smart contract language.
  • Scaling Innovations: ICP is recognized for its scalability and ability to handle high internet activity through its Internet Computer Consensus (ICC) mechanism.
  • New Projects: Dfinity’s ongoing projects like the ORIGYN NFT marketplace and ICP/BTC integration are driving developer interest.

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Harsh Panghal
Harsh Panghal

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