ICP fell below the $7 horizontal support area shortly after the breakdown, confirming its long-term bearish trend. The next closest support is at $3.20, a level not reached since 2023.
Technical indicators are bearish, supporting the continuation of the decline. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.
The RSI is below 50, while the MACD is negative; both show a bearish trend. So, the weekly time frame chart gives a bearish ICP price prediction, suggesting new lows are likely.
Further Downside Likely
The daily time frame chart gives a bearish ICP price prediction.
According to the wave count, the price is in the fifth and final wave (red) of a downward movement that started in December 2024.
Initially, it seemed the wave five may have ended on April 7 (green icon), but the corrective bounce of wave two led to another breakdown.
So, wave five has extended, with the sub-wave count shown in black.
The main target for the end of wave five is $2.69, which gives it 0.618 times the length of waves one and three combined.
The RSI and MACD support this outlook since the former is below 50 while the latter has made a bearish cross (black circle), both bearish signs.
New ICP All-Time Low
The ICP price bounced on April 7 but failed to sustain its upward movement, breaking down from an ascending parallel channel.
The wave count predicts a bearish ICP price, indicating it will fall to a new all-time low. If the decline continues, the ICP price can fall to a low of $2.69.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
