TradeCityPro | ICP: Breakout Watch in Web3 Veteran’s Price Range

👋 Welcome to TradeCity Pro!
In this analysis, I’m going to review the ICP coin for you. The Internet Computer project is one of the older projects in the crypto space, focused on Web3 and gaming.

⚡️ The coin currently has a market cap of $2.65 billion, placing it at rank 36 on CoinMarketCap.

⏳ 4-Hour Timeframe
As you can see in the 4-hour timeframe, a range box has formed between the levels of 4.648 and 5.239, and the price has currently reached the top of the range.

✔️ During this upward leg from the bottom of the box, market volume has been increasing, which indicates that the probability of breaking through 5.239 is high.

🔍 If 5.239 is broken, we can enter a long position. The next resistance levels are at 5.558 and 6.313.

✨ There’s also a larger range box between 4.648 and 6.313, and as long as the price stays above 4.648, we can say that this broader range is valid and price is fluctuating within it.

📉 To open a short position, wait for the break of 4.648. The momentum in higher timeframes for this coin is bearish, so if this level breaks, the trend may continue downward with another leg to the downside.

📊 For that to happen, selling volume must increase, so that when 4.648 breaks, there is no volume divergence, ensuring a healthy continuation of the trend.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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