ICP has bounced back from a shallow correction after witnessing a negative sentiment in the past week. Due to the latest recovery amongst some altcoins, however, it registered a double-digit increase in percentage over the past 24 hours.
The performance of ICP has been impressive over the past few days. Since the asset recovered from $5 in the mid-week, it has continued to show signs of strength and has seen a steady increase by the day.
As can be seen on the daily chart, the price is approaching last week’s resistance level as it may flip if the positive actions continue to play out in the coming days.
Although that resistance level could suppress buying pressure for a while before it breaks the level. There are still lots of resistance levels it may encounter ahead before rallying hard. The price is in buying mode right now.
Failure to push above this resistance level could result in a small pullback before picking up again. Nevertheless, a fresh bullish trajectory is forming with a double-bottom pattern. If the $7.3 level provides resistance after a break, the price could reach $10 in no time. The reverse would be the case if the price slips below this week’s low.
ICP remains the best-performing metaverse cryptocurrency by market cap after overtaking Apecoin in the past week. The price has jumped 18% in the past week.
ICP’s Key Level To Watch
Ahead of the potential positive actions, the cryptocurrency is likely to move towards the $7.2 resistance level. An advance movement could shoot the price at $8.27 and $9.8, holding as a mid-term breakout level.
in case of a decline, the pullback level to watch out for is $0.58 and a potential $5 for a deep pullback. If those levels fail to contain pressure, the closest support to watch is $4.52.
Key Resistance Levels: $7.2, $8.2, $9.8
Key Support Levels: $5.8, $0.5, $4.52
- Spot Price: $6.6
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
