ICP (Internet Computer Protocol) Market Analysis — 1 May 2025
Current Price: $4.90
ICP, once touted as an "Ethereum killer," is currently hovering around the crucial $5.00 support zone. Recent price action reveals a confusing but technically important structure:
Double Bottom Formation at ~$4.60-$4.90.
This is normally a bullish structure but confirmation is missing — price needs 2 daily closes above $5.30 to confirm an upward breakout.
Head & Shoulders Pattern with neckline at $5.00.
Price failed to sustain above $5.30 and started to drop, delivering a bearish signal.
Key Levels to Watch:
Support Zone: $4.60 - $5.00
Resistance Zone: $5.30 - $5.60
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Trade Plan:
Entry (Long): Only consider long positions if ICP closes above $5.30 for 2 consecutive days.
Target 1: $5.60
Target 2: $7.60
Stop Loss: $5.00
Entry (Short): If ICP closes below $4.60 and holds.
Target 1: $4.00
Target 2: $2.00 (if downward momentum accelerates)
Stop Loss: $5.00
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Quick Take: As of now, ICP is showing weakness — struggling to stay above $5.00. If it fails to reclaim this level soon, $4.00 becomes the immediate target. For bullish momentum, it must first conquer and hold above $5.30.
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