Before analyzing the ICP cryptocurrency, the forecast of which is very optimistic, we will talk about the situation as a whole. The last trading weeks on the cryptocurrency market give us all intrigue and uncertainty. The Bitcoin price stopped at the critical range of $48,000-50,000 and market participants calmed down. Over the past 4 trading weeks, volumes have steadily decreased weekly from $38 billion per day to $27 billion.
The fall in daily trading volumes of Bitcoin has reduced its impact on other cryptocurrencies and made it possible for new and easy crypto projects to “shoot”. Therefore, while the Bitcoin market is now drifting at low volumes within the limits of consolidation, we will talk about the ICP cryptocurrency.
ICP cryptocurrency is in the TOP-12 in terms of trading volumes
Weekly, we analyze the TOP-10 cryptocurrencies by daily trading volumes and record a video forecast for the week. Unfortunately, the ICP cryptocurrency did not make it into this TOP, but it got as close as possible to it. With the trading volumes of $1.36 billion per day, ICP ranks 12th and is as close as possible to the notorious DOGE cryptocurrency ($1.6 billion). However, if we compare the local trend of these two coins, we can see that the ICP market is building an uptrend movement and is ready to continue to grow.
On the chart, we can see that the consolidation in the ICP market lasts longer than in the DOGE market. Considering that Bitcoin allows alcoins to independently move their prices, the main question for an investor is which cryptocurrencies will start growing first?
It is known that there are not enough new volumes on the market for all cryptocurrencies to start growing at the same time. Therefore, first of all, we should choose those coins that have already proven their strength both in trading volumes and in activity. On the chart, we see that the ICP price did not allow updating the local lows on 18 and 27 August. At the same time, DOGE is successfully updating the lows and its buyers are not yet showing any desire to actively buy.
In this example, we have shown two types of altcoins that are currently available. The first type, such as SOL, SAND, ICP, are ready for new peaks, while others – DOGE, DOT, BNB and others – strive to continue consolidation.
ICP Cryptocurrency – medium-term forecast
The main achievement of buyers in the recent period in the ICP market is taking control of the $53-56 range:
The chart clearly shows how important this range is for market participants. Buyers have broken this range at high volumes and now the process of consolidation is underway. The main forecast for the ICP cryptocurrency is that it will continue to grow to $100. Depending on how strong the turbulence in the cryptocurrency market will be, the ICP price can start growing from either $64 or $57.
For long-term investors, this range is good for buying. In this case, the risk per position will be approximately 10-13%. This cryptocurrency is in our long-term portfolio and in the portfolios of our long-term partners, whose deposits we manage. If you are interested in assistance in managing your cryptocurrency portfolio – this information is for you.
Alternative cryptocurrency ICP forecast
In case of an error, the ICP price on high volumes should first break the $53-56 range and subsequently fix below it on a large timeframe (start consolidating). In this case, the fall of the Internet Computer price will continue to the range of $40-45. This is another liquidity zone where we will gladly buy this cryptocurrency if there is such a chance.
P.S. For the most conservative investors, you should control the ICPBTC chart and enter only after retesting the liquidity range 0.0015-0.0016.
It is at the moment of price fixing above this range that the security level of entering a position will be maximal.