Published 6 hours ago
The May month sell-off brought Internet Computer(ICP) price to a low of $6.07 and initiated a minor consolidation. Today, the altcoin is down by 11% and reverted from the $9.5 range resistance. The possible downfall may plan a revisit to $6.77 support.
- The ICP traders await a range breakout to begin a new recovery rally.
- The 20 EMA could stall the expected the downfall
- The intraday trading volume in the ICP is $409.1 Million, indicating a 203% gain.
The ICP price three-month consolidation from late January to April ended in the seller’s favor as traders witnessed a breakdown of $15.5 support on April 26th. Furthermore, the May month’s blood intensified the downfall and tumbled the price by 55.6%.
The ICP price plunged to a low of $6.07 on May 12th and continued the range-bound rally ever since. The altcoin has twice retested the overhead resistance of $9.6 and bottom support at $6.77, suggesting the traders respect this range.
Today, the coin price turned down from $9.6 resistance with a long bearish candle of 11%. This reversal should plunge the price 18.5% lower to $6.77 support.
Alternatively, a possible breakout from this resistance level would kickstart a relief rally and drive the ICP price to immediate resistance of $11.5, followed by $15.5.
However, the $15.5 resistance aligned with the 0.5 Fibonacci retracement level indicates an important level for coin holders, whose breakout could share a better opportunity for a genuine recovery rally.
Two dynamic resistance consisting of descending trendline and 20-day EMA had carried the last two-month downfall. However, the recent price jump has breached these resistances, and they should act as viable support.
The daily-RSI indicator undermines the minor consolidation with its parabolic rally. This divergence increases the possibility of a $9.6 breakout.
- Resistance levels- $9.5, and $11.5.
- Support levels are $6.77 and $6
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.