Türkçe
Español
Cryptocurrency markets can see great starts end in disaster, and there is a good example of this. A popular altcoin that occupied the agenda significantly during its listing days climbed to the level of 3,000 dollars. Investors expected the price to exceed 3,000 dollars, but a completely different picture emerged over the years.
ICP Coin
Binance exchange’s peak and today’s price show an interesting story. While ICP Coin saw peaks above 2,500 dollars, it lingered below 10 dollars for a long time. The project, which announced its goal to make a mark in the blockchain world and had an impressive launch, significantly lost value afterward.
The reason was the realization that the project was not as decentralized as claimed and that its claims of being the infrastructure of Web3 were empty. One of the biggest collapses in crypto history occurred in the ICP Coin chart. Those who bought with excitement in the early days later saw their balances evaporate.
ICP Coin Analysis
As of today, the price is making new attempts above 10 dollars. RSI signals that the recent recovery may reverse. On the other hand, short positions are strengthening, and investors in futures markets have started to increase their short positions, assuming the price will fall.
Although positions worth around 500,000 dollars were liquidated in the last upward attempt, the strong presence of short sales confirms the downward expectation. The ICP Coin price, which has increased by more than 37% in the last week, is lingering around 10 dollars. The nearest resistance level is at 10.83 dollars, and this resistance has not yet been overcome. Moreover, BTC has fallen below 64,000 dollars.
If the price falls below 8.55 dollars, larger losses may be seen. The only savior for the altcoin, which faces the risk of consolidating around the support for a long time, will be the continuation of the BTC rise. If the resistance level is surpassed, a scenario targeting larger peaks may come into play.
Closures above the 10.83 dollar resistance could open the door for a new attempt at 12.98 dollars. This situation will also eliminate the downward scenario and return to the route targeting 20 dollars.
BTC was fluctuating below 64,000 dollars at the time of writing.
