$ICP /USDT Daily Chart Analysis – Bearish Pressure Increasing 📉🚨

Current Price: $6.866 (-8.29%)

Daily Range: High $7.491 – Low $5.585

📊 Key Technical Insights:

🔹 Trend & Price Action:

ICP is in a downtrend, facing strong bearish momentum.

Trading below all key moving averages, signaling continued downside risk.

🔹 Moving Averages (MA):

❌ Bearish: SMA 5, SMA 10, SMA 20, SMA 50 → All SMAs are in a downtrend.

🔹 Momentum Indicators:

RSI (19.33): Oversold, suggesting a potential bounce, but no confirmation yet.

Stochastic RSI: Bullish crossover, hinting at a possible short-term relief rally.

MACD: Bearish crossover, confirming strong downward pressure.

🔹 Other Indicators:

ADX Bearish Crossover: Indicates strong bearish trend.

MFI (Money Flow Index): Oversold, signaling exhaustion of selling pressure.

VWAP (Volume Weighted Average Price): Uptrend, slight divergence from price action.

📉 Resistance & Support Levels to Watch:

🚀 Key Resistance: $7.50, $8.00

📉 Key Support: $6.00, $5.50

⚠️ Outlook & Trading Plan:

✅ Bullish Scenario: If ICP holds above $6.00 and sees buying volume increase, a recovery towards $7.50–$8.00 is possible.

⚠️ Bearish Risk: A break below $6.00 could trigger further selling pressure down to $5.50 or lower.

📢 Conclusion: ICP is in a strong bearish trend, but oversold conditions could lead to a short-term bounce. Traders should wait for confirmation before entering new positions.

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