ICP is of my interest because of the project, the team and their continuous dev activities.
In my opinion, after a long period of declining (check my previous trade in the link below), ICP has found its bottom. However, in short and mid-term, ICP is going to consolidate in a range from $3.5 to $7.5.
I'm waiting for it to be back in the demand zone to fill my bag.
What do you think about this crypto, the project as well as this analysis?
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ICP (Internet Computer Protocol) is a cryptocurrency associated with the Internet Computer blockchain, developed by the DFINITY Foundation. The Internet Computer aims to create a decentralized and secure blockchain platform that can host a wide range of applications and services, providing an alternative to the traditional centralized web infrastructure.
Key features and concepts of the Internet Computer include:
Decentralization: The Internet Computer aims to be a fully decentralized and censorship-resistant blockchain network. Canister Smart Contracts: Instead of using traditional smart contracts, the Internet Computer uses "Canister" smart contracts: secure and scalable building blocks that enable the creation of decentralized applications (DApps) and services on the network.
Internet-Scale: The Internet Computer is designed to be internet-scale, meaning it can scale to handle vast amounts of data and user traffic without compromising on performance.
On-Chain Governance: The network implements an on-chain governance system that allows token holders to participate in decision-making processes, such as protocol upgrades and changes.
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In my opinion, deviation from the range would be possible. I'll accumulate more ICP in $3-$3.5 if prices go here
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I accumulated first ICPs in the waiting area
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It is possible that we can buy ICP a lower prices (-20% from here). I'll wait to add more ICP if this happens.
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Still in the accumulation (yellow) area however i'll ready to accumulate & hold at the lower trendline of the descending channel. A Long setup would be a good idea also, if prices get there
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My first accumulation done. Will add more if Spring event comes or at the retest of the dashed trendline (of the descending channel).
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ICP had finished ST in phase B event and moving up (30% since my buying price)
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ICP has increased almost 70% since my preference buying price (in yellow area). Today, it is breaking the discontinued trendline. Something is really moving for ICP:
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ICP performed very well recently. Almost x2 from my buying price. In mid-term it would reach $22 (x7). ICP is one of my favorite cryptos because of its fundamental aspects but it will need a good patience to hold the bag for years (from now).
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ICP almost made x4 from my buying price. In the next bull-run (2024-2025), my mid-term and long-term targets are $24 and $85. In the far future, it would come back to $250?
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ICP made an x5 from the proposed buy zone (yellow). I took partial profit at $15. Next profits will be $22, $85 and above
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ICP is breaking the current resistance at $16. If succeeding, the next one is $22
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The current resistance around $15 is being broken. If successful, next target for taking profit will be $24 (almost x7 from entry). I actually expect higher TPs at $85 and $250 for this cycle.
@SwallowPremium, Thanks you passing by and read this analysis. I'll update this if any interesting findings.
markjordan_23
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why would you think t will come down thou? hasnt it already double bottomed
evasivesteering
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@markjordan_23, hi, I think that it come will down because of the following reasons: 1. Crypto and stock markets seem to have correction. ICP has been consolidating right below the strong resistance, EMA 50D. 2. BTC would retest the trendline since Jan 2023 (please check my short-term view for BTC in the link) 3. Double bottom had not confirmed yet. Even if it confirmed, we would have to wait until neck-line break-out to see a potential take-off. 4. Please check DYDX chart (on weekly TF), a tripple bottom had formed but DYDX is still stuck in the range. In any case, it's just my point of view.