ICP Price Rises 6.5% to $3.67, Tests $3.75 Resistance
The ICP price jumped 6.5% to $3.67 over 24 hours after a liquidity cluster near $3.33 triggered short liquidations around $3.55. This liquidity-driven rally, fueled by high trading volume, marked a rebound from a November 1 low. The ICP price tested a persistent resistance zone at $3.75–$3.78 before pulling back. On the weekly chart, ICP remains in a downtrend since March. Negative momentum indicators, such as the Chaikin Money Flow and Awesome Oscillator, confirm bearish bias. Traders should watch for a clear breakout above $3.80 with sustained volume to signal a trend reversal. Key levels to monitor include support at $3.50 and resistance at $3.75. Without confirmation, this recovery likely reflects a short-term rebound rather than a bullish shift.
Neutral
The news reports a 6.5% price bounce due to short liquidations, representing a short-term bullish catalyst. However, the weekly chart shows a persistent downtrend since March, with negative momentum indicators confirming bearish bias. Without a clear breakout above $3.80 and sustained volume, the rally is unlikely to mark a trend reversal. Traders may see limited upside in the near term and should await confirmation before taking long positions.