ICP started trading on Binance being one of the top10 cryptos by marketcap. However, since then this token has been subject to relentless selling and shorting. ICP has been one of the biggest losers of the last year, losing over 95% of its value since trading opened on Binance.
As of today, ICP has broken out of the falling wedge it has been trading in for the last 10 months. Falling wedges are classically bullish reversal patterns. Furthermore, the fact that ICP has been shorted so heavily since its inception on Binance could very well trigger a short-squeeze. Look at the GME chart what a short-squeeze can do to an asset.
I doubt that we're going to see a $1000 in the near future (or ever). However, a move towards $100 is definitely possible. For the near term I'd like to keep my targets a little bit closer, see the blue lines.
Happy trading!
As of today, ICP has broken out of the falling wedge it has been trading in for the last 10 months. Falling wedges are classically bullish reversal patterns. Furthermore, the fact that ICP has been shorted so heavily since its inception on Binance could very well trigger a short-squeeze. Look at the GME chart what a short-squeeze can do to an asset.
I doubt that we're going to see a $1000 in the near future (or ever). However, a move towards $100 is definitely possible. For the near term I'd like to keep my targets a little bit closer, see the blue lines.
Happy trading!
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