ICP 2022 Price Prediction: ICP looks to reverse the bear trend on the hourly charts

• ICP price gets back in range after breaking support for a brief period
• RSI, Fibonacci hint at bullishness
• Healthy volumes over last week

ICP price is trading at a key support level on the daily charts. This support of $ 26 was broken for the first time in 7 months, but the coin managed to pull back to the support level. If the coin fails to pull back above this crucial support then the coin may be expected to have a bear run for the next few trading sessions. The coin was showing a largely range-bound behavior between September and early December before getting out of the zone of $ 38.5 and $ 57.5. The coin now looks to either be in the range of $ 26 to $ 38.50 or trade below $ 26 based on the coin’s behavior near the support zone. RSI indicates neutrality with a hint of bullish bias, so we may expect the coin to be in the range.

ICP price was on a downward trend on the hourly charts before consolidating near the support of $ 26. The last 5 candles on the candlestick chart hint at a possible consolidation at this level. According to the Fibonacci pattern, the coin has some key levels at $ 26.90, $ 27.50, $ 28, $ 28.4, and $ 29.10. Traders can keep an eye on these levels. The volumes for the coin have been very impressive over the last 24 hours and some action can be expected at this level.

Conclusion: 

The coin has managed to trade above the key support of $ 26. The coin can be expected to trade in a range now. However, if the coin falls below $ 26, the coin might face a bear takeover. There are some key price levels that traders need to look out for going by the Fibonacci charts.

Support: $ 26

Resistance: $ 29.80 and $ 38.50

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