The cryptocurrency Internet Computer (ICP) is trading near a critical support level that could dictate its next move.
Current Market Situation for ICP
On the daily chart, ICP is trading around $7.00, slightly above the $6.60 support level. This level has historically attracted buyers and prevented further declines. Analyst Ali emphasizes that maintaining this support is crucial for any potential upward movement.
Possible Scenarios for ICP
Two scenarios are possible for ICP's price trajectory. In a bullish scenario, ICP could defend its support and break above $7.80, potentially reaching $10 and then $15. Conversely, breaking the $6.60 support could lead to a drop to $5.00 or lower.
Market Analysis and Forecast
For a trend reversal to be confirmed, either a strong bounce from support or overcoming higher resistance levels is necessary.
The cryptocurrency market remains volatile; maintaining key support levels is essential for any substantial price movement in ICP.