Bitcoin price volatility continues, and the cautious stance of ETF investors persists. Steady outflows from GBTC have negatively impacted the short-term outlook. However, some altcoins are managing to show positive divergence. What are the end-of-March expectations for ICP Coin?
ICP Coin Commentary
Internet Computer (ICP) is one of the crypto assets that had the best start but then showed the worst performance. After reaching four-digit prices, ICP Coin fell to single digits. Moreover, it had convinced many investors that it could provide the necessary infrastructure for Web3 with a very flashy launch.
Then, issues related to decentralization and massive asset sales burst the bubble. BTC‘s rise also benefited it, and it had been holding above $10 for a while. Before starting to recover in the last few days, it had fallen to $10.91 in the past two weeks.
RSI has returned to the neutral zone for the first time since October 2023 after dipping into the oversold territory. An RSI exceeding the neutral zone indicates that investor sentiment is favorable for a further price increase.
ICP Coin Price Prediction
Another important detail supporting the bullish sentiment is the signal from the Ichimoku Cloud indicator. This indicator is frequently used in technical analysis to measure momentum, trend direction, support and resistance levels, and potential reversal points.
ICP, in this case, is showing a downward cross due to the recent drop. However, after a 22.5% recovery in the last three days, positive signals are emerging again.
A price above the cloud indicates favorable conditions for further increases, and there is room for growth for the altcoin. Accordingly, if the $12.91 support level is maintained, the ICP Coin price could rise to $15.
However, despite the bullish signals, the funding rate remains quite low, indicating that market participants do not predominantly expect a rise. If the bearish scenario plays out, closures below the $10.97 support could lead to a drop to $10. The overall market sentiment will also affect this. Bitcoin is still below the $68,000 support, which means the risk of falling to $59,000 continues.
