This week, the cryptocurrency market is showing signs of recovery after a significant correction. Leading altcoins such as FET and ICP are testing key support levels and hinting at potential reversals.
FET Analysis: Recovery Potential
The weekly FET/USD chart reveals that the price has been trading within a year-long descending triangle pattern. The recent downward trend, beginning in early December after a rejection from the upper trendline at $2.22, has pushed FET further into correction territory. This decline forced FET to test its critical support zone at $0.60, where strong buying interest was found. Currently, the price has bounced back and is trading around $0.79. If bullish momentum continues, the first major resistance lies at the 25-week Simple Moving Average (SMA). A breakout above this level could confirm an upside reversal, potentially pushing the price toward the descending triangle’s upper resistance trendline near $1.50.
ICP Analysis: Return to Growth
Similarly, the weekly ICP/USD chart displays a year-long descending triangle pattern. ICP’s price began its downtrend in early December after being rejected at the upper trendline near $15.60. The correction led ICP to test a key support zone at $5.66, where buyers stepped in to prevent further decline. As of now, the price has rebounded and is trading around $7.08. If momentum shifts to the bullish side, the first significant resistance lies at the 25-week SMA. A breakout above this level could drive ICP toward the upper resistance trendline at approximately $11.00.
Conclusion: Opportunities and Caution
Both FET and ICP have successfully defended their crucial support zones, showing resilience despite the broader market downturn. While technical indicators suggest potential rebounds, confirmation will come with a breakout above their respective resistance levels. If buyers maintain control, these altcoins could see a strong recovery in the coming weeks. However, investors should remain cautious as the market remains volatile. Monitoring key resistance levels and broader crypto trends will be essential for assessing the next move.
Cryptocurrency remains a dynamic field with potential for both growth and decline. FET and ICP are showing resilience, but caution and careful analysis remain key in such volatile conditions.
