TradeCityPro | ICP: Navigating the Waves of Crypto AI
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Today's analysis focuses on the ICP coin, a project within the crypto AI sector boasting a market cap of $4 billion.
📅 Weekly Timeframe
In the weekly timeframe, we're observing a rounding pattern that has been forming for some time, establishing a low at $2.923. Currently, an upward trend has begun, and we are now in a correction phase.
🔍 The bullish trend began with the breakout of $6.562, which continued up to $14.957, and now a range box between $6.562 and $14.957 has formed. The volume is consistently supporting the trend, converging well. The price is currently near a curved trend line, and it remains to be seen how it interacts with this area.
🧩 The overlap of this trend line with static support areas might create a very strong PRZ, potentially starting the next bullish leg. Conversely, if this trend line breaks, the likelihood of a trend reversal increases.
🔽 If the area of $6.562 is broken, we could confirm the beginning of a trend change. If increased selling volume enters the market and momentum turns bearish, the minimum bearish target for the price could be $2.923. A break of 36.20 on the RSI would support this scenario, increasing its likelihood.
📈 On the flip side, if the price can maintain support and break the ceiling of $14.957, the next bullish targets would be $23.104 and $79.510.
📅 Daily Timeframe
In the daily timeframe, we are seeing a descending wedge starting from the peak of $15.511, directing the price back towards the bottom of the box. Currently, both the floor of $9.834 and the RSI at 38.84 have been breached and confirmed. The price is reacting to the bottom of the wedge and may gradually descend to the bottom of the box.
✨ If the wedge breaks downwards past $6.857, bearish momentum will enter the market, and the price could move toward a target of $5.188.
📉 Conversely, if the wedge is broken upwards, we have a trigger at $11.421, which is currently not advisable. We need to wait for the price to form a structure near this resistance and strengthen this area with a reaction. In this case, this area could be a suitable trigger for a breakout.
🔼 main long trigger is at $15.511, which we discussed in the weekly timeframe. If the price can stabilize above this area, we may witness a very strong bullish leg.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
Today's analysis focuses on the ICP coin, a project within the crypto AI sector boasting a market cap of $4 billion.
📅 Weekly Timeframe
In the weekly timeframe, we're observing a rounding pattern that has been forming for some time, establishing a low at $2.923. Currently, an upward trend has begun, and we are now in a correction phase.
🔍 The bullish trend began with the breakout of $6.562, which continued up to $14.957, and now a range box between $6.562 and $14.957 has formed. The volume is consistently supporting the trend, converging well. The price is currently near a curved trend line, and it remains to be seen how it interacts with this area.
🧩 The overlap of this trend line with static support areas might create a very strong PRZ, potentially starting the next bullish leg. Conversely, if this trend line breaks, the likelihood of a trend reversal increases.
🔽 If the area of $6.562 is broken, we could confirm the beginning of a trend change. If increased selling volume enters the market and momentum turns bearish, the minimum bearish target for the price could be $2.923. A break of 36.20 on the RSI would support this scenario, increasing its likelihood.
📈 On the flip side, if the price can maintain support and break the ceiling of $14.957, the next bullish targets would be $23.104 and $79.510.
📅 Daily Timeframe
In the daily timeframe, we are seeing a descending wedge starting from the peak of $15.511, directing the price back towards the bottom of the box. Currently, both the floor of $9.834 and the RSI at 38.84 have been breached and confirmed. The price is reacting to the bottom of the wedge and may gradually descend to the bottom of the box.
✨ If the wedge breaks downwards past $6.857, bearish momentum will enter the market, and the price could move toward a target of $5.188.
📉 Conversely, if the wedge is broken upwards, we have a trigger at $11.421, which is currently not advisable. We need to wait for the price to form a structure near this resistance and strengthen this area with a reaction. In this case, this area could be a suitable trigger for a breakout.
🔼 main long trigger is at $15.511, which we discussed in the weekly timeframe. If the price can stabilize above this area, we may witness a very strong bullish leg.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💥 Don’t Miss Out!
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.