ICP Market Analysis – May 8, 2025
Current Price: $4.77
Structure Overview: ICP is attempting to break out of its downward trendline and is currently testing the $4.70+ zone. The last structure showed a lack of clean double bottoms, making trendline breakout the key focus.
Recent Action:
Last discussed on May 5 at $4.58
Price has climbed but remains between support and resistance
No clean bullish structure; only trend-based potential visible
Chart-Based Insights:
ICP is showing a trendline breakout
Needs two consecutive daily closes above $4.70 to confirm bullish continuation
Trading Plan:
Entry Zones:
Buy Entry (Safe): $4.20 (support zone) – Ideal dip buy
Buy Entry (Aggressive): After daily candle closes above $5.00
Targets:
1. $5.00 – First resistance / psychological barrier
2. $5.60 – Strong resistance (bottom of 2024)
3. $6.20 – Post-breakout target (if momentum sustains)
Stop-Loss:
Place at $4.15 (below support and invalidates trendline breakout)
Caution:
Do not buy in the middle range ($4.50–$4.80) – Avoid indecision zones
If $4.70 is lost again, expect a drop to $4.20
Conclusion: Wait for daily close confirmation above $5.00 to go long. If price retraces, $4.20 is the ideal accumulation zone. Until then, avoid indecisive entries.
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