ICPUSD Price Analysis – May 26
In case the bulls break up the resistance level of $166, the price may increase to $219 and $261. Further decrease in ICP (Internet Computer) price is possible only when the Bears increase their momentum and the support level of $122 is broken downside and it will expose the price to the low of $85 and $43.
ICP/USD Market
Key levels:
Resistance levels: $166, $219, $261
Support levels: $122, $85, $43
ICPUSD Long-term trend: Ranging
On the long-term outlook, ICPUSD is Ranging. The price action of the ICPUSD tested the resistance level of $219 on May 20. The Resistance level of $219 holds and the price decline under the pressure of the bears. It tested the support level of $122 but could not break down the level due to weak bears’ momentum. The bulls were not able to break up the resistance level of $166; this led to ranging movement within the $166 and $122 levels.
The two EMAs are interlocked to each other and the price is hovering over the 9 periods EMA and the 21 periods EMA which connotes a ranging market. Further decrease in ICP (Internet Computer) price is possible only when the Bears increase their momentum and the support level of $122 is broken downside and it will expose the price to the low of $85 and $43. Meanwhile, the relative strength index period 14 is at 50 levels and the signal lines pointing down to indicate a further reduction in Internet Computer price.
ICPUSD medium-term Trend: Bearish
ICPUSD is ranging on the medium-term outlook. The coin is on the sideways movement within the resistance level of $166 and the support level of $122 at the moment. The Bears lose momentum and could not penetrate the support level of $122 downside. In case the bulls break up the resistance level of $166, the price may increase to $219 and $261.
The currency is trading around and over the 9 periods EMA and 21 periods EMA to indicate that the consolidation is in progress in the Internet Computer market. The relative strength period 14 is at 50 levels and the signal lines pointing down to indicate sell signal.
