ICP Price Analysis: Token continues to consolidate in a range, hits resistance level twice, what’s next?

• Token crosses 50 EMA and closes above it on a daily time frame.
• The pair of ICP/USDT is trading at the price level of $4.201 with a decrease of -0.7% in the past 24 hours.

The Internet Computer (ICP) is the only general-purpose blockchain that is both fast and infinitely scalable. Along with Bitcoin and Ethereum, it is the third important blockchain invention. The DFINITY Foundation fostered and launched the Internet Computer. For a long time, the token has been consolidating in a range. Recently, token crossed 50 EMA on daily time frame and is currently trading around resistance level.

ICP on the daily chart

Source: TradingView

Token has been on a downward trend, with lower highs and lower lows. The downtrend has come to a halt and now it is consolidating in a range. According to the daily chart, ICP is presently trading at $4.201, down -0.7% in the last 24 hours. The token is trading between its key Moving Averages (50 and 200 EMA). (Red line is 50 EMA and the blue line is 200 EMA). Token is constantly facing resistance at 50 EMA and recently the token was able to breach the 50 EMA and was able to give closing above it.

Relative Strength Index: The asset’s RSI curve is presently trading at 60.04, indicating that it is in the overbought zone. The RSI curve has crossed above the 14 SMA, indicating bullishness. Despite the fact that the token is consolidating in a range, the indicator is indicating bullish strength, and we may witness a breakout in the near future. If the price continues to increase, the value of the RSI curve will rise even further.

Analyst view & Expectations

The token has crossed the 50-day moving average and closed above it, but it is still consolidating, so we cannot say the trend has reversed and bulls are gaining traction. Investors should wait for the token to break out of the consolidation to gain more insight on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to trade when a breakout occurs in either direction.

According to our current Internet Computer (ICP) price forecast, the value of Internet Computer (ICP) will fall by -10.64% and hit $ 3.77 in the coming days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 26. (Fear). Over the previous 30 days, Internet Computer (ICP) had 15/30 (50%) green days and 5.04% price volatility. According to our Internet Computer forecast, now is not the time to buy ICP and you should wait for the consolidation to break.

Technical Levels

Major support: $3.78

Major resistance: $4.44

Conclusion

Token is consolidating in a fixed range and as per the indicator the breakout is going to occur in upward direction. Investors who want to take early trade can buy but they are advised to wait for confirmation of trend.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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