Long

ICPUSDT Bullish Divergence on RSI, Price Set to Rise

Updated

ICPUSDT is showing strong signs of bullish momentum with a nice rejection of the uptrend trendline followed by a 35% rally. After a minor pullback, price found support at the 23.6% Fibonacci level, accompanied by a bullish divergence on the RSI.

Currently, price is bouncing off the minor uptrend trendline, and if a new lower low is not formed, the price of LSE:ICP will remain heavily bullish. This could potentially lead to a 16% increase in the near term.

Note

ICPUSDT is currently re-testing the major demand zone which has been in place for over a month now. It's crucial that the price remains above this level if we want to see any significant growth in the short to mid-term. Buyers have shown a lot of interest in this area, which provides a great risk/reward trade setup. However, we need to be mindful of the high selling pressure that we have seen in the past few weeks.

In order to confirm a bullish trend, we need to see some fresh higher highs being printed first. This would indicate that buyers are gaining momentum and that the selling pressure is subsiding. Until we see some confirmation, it may be best to exercise caution and wait for a more significant move before making any decisions.

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