ICP signals bullish momentum with Elliott Wave patterns hinting at a potential breakout toward $31 and possibly reaching $54.
After a 95% drop from its all-time high, ICP completes an ABC correction and enters a new impulsive wave targeting higher resistance levels.
Wave 3 formation begins as ICP bounces from $4.30 support, showing strong volume and Fibonacci alignment toward $12, $31, and $54 targets.
ICP continues to exhibit bullish momentum as it trades at $5.302, showing a slight 0.58% dip. Despite this minor decline, technical signals from Elliott Wave analysis suggest upside potential. According to CryptoBullet, ICP’s structure has shifted from a triangle to an ABC correction. The token now appears to be entering a fresh impulsive wave. This shift sets the stage for targets at $12, $31, and potentially $54.
ICP Forms Strong Foundation After Harsh Correction
ICP’s journey began with a parabolic rise in early 2021, hitting extreme highs near $260. That price peak soon collapsed into a prolonged correction. Consequently, the asset lost over 95% of its value through 2022. This painful drop laid the groundwork for a new Elliott Wave cycle. The initial ABC correction appears complete. Wave A marked the breakdown, Wave B offered brief relief, and Wave C finalized the move.
Source: CryptoBullet
Point A, located near the $2.600 region, signals the start of a new impulsive phase. Since then, ICP has developed clearly defined wave formations. Wave 0 marks the bottom. Wave 1 surged to $18.500, marking the first major resistance zone. However, a sharp retracement followed. Wave 2 fell back to around $4.300, testing critical support. This 78% retracement aligns with classic Elliott Wave characteristics.
Bullish Setup Targets $31 and Beyond
Now trading around $5.302, ICP shows signs of entering Wave 3. This phase typically brings explosive upside. Target 1 sits at $12, acting as a short-term checkpoint. Additionally, Target 2 at $31 marks the main Fibonacci projection. If bullish momentum accelerates, ICP could reach Target 3 near $54.
Moreover, the 1.272 Fibonacci extension aligns closely with current trading levels. This area could act as minor resistance. However, increasing volume signals growing interest and accumulation. This supports the bullish case for higher price zones.
Besides, the projected path remains clear, with the blue arrow highlighting ICP's trajectory toward Target 2. Consequently, the structure favors continued upside as long as support around $4.300 holds firm. Hence, the technical setup suggests that ICP could break out if current levels sustain.
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