We believe that ICP token has a bright future. Those who are in the crypto space for a long time will call us ‘crazy’, and we are absolutely fine with that. We may have not mentioned this bullish ICP call in our 2022 crypto predictions, it deserves a place in there.
Since last summer we became fans of ICP token.
We were not seduced by the launch of the token which came with too much noise.
We got seduced by both the chart and the prospects of the token (incl. the tokenomics).
ICP plays in the Web 3.0 space, but also increasingly in the NFT space. Moreover, it is on its way to enable DeFi features. So, here you have a token that plays in the 3 areas of the future: Web 3.0, NFT, DeFi.
Blockchain technology at its best.
Can you ignore this?
If anything, you can certainly not ignore the chart. The chart has a wildly bullish setup, long term it is. We don’t care too much about price action tomorrow or next week. We do care about the trend, and much more about entering positions near the end of a bearish trend.
We continue to believe that ICP is going to go back, at a certain point in time, to 80 USD. IF it is going to be able to clear that level the sky will be the limit. That’s a big IF, though, nothing is guaranteed in markets and ICP needs just like any other token some bullish momentum in BTC (which is not there currently).
At this very point in time ICP has cleared all falling trendlines. In chart terms it’s a breakout play, it may not feel like a breakout at these ‘depressed levels’. More importantly, ICP is up more than 50% since its lows while BTC continues to make new relative lows.
Yes, ICP did fall through its 27 USD support level, but for not more than 3 to 5 days. Technically, it never broke down even though it printed new lows in December.
We will continue to feature ICP in our crypto investing research service, our members will receive notifications as we see fit.