icp

ICP rose sharply by twenty two percent recently but in the last few hours it slipped about eight percent The recent move brought the token back into focus after the Dfinity Foundation announced new AI powered no code tools for building applications These tools aim to create secure and stable infrastructure that can help prevent outages like the ones seen after the AWS incident in October

The Dfinity Foundation is a non profit group that manages the development of the Internet Computer blockchain The news likely attracted buyers and helped push ICP higher in the short term Many traders saw the announcement as a positive sign for the project and started buying the token

Looking at the three day chart ICP has retraced much of its gains from November The price fell from around nine point eight five dollars back down to lower levels Support levels at five dollars and four point three dollars were not held This shows that selling pressure and profit taking remain strong Indicators like the DMI do not show a clear trend The OBV slowly declined and the MACD points to bearish momentum

To confirm a bullish trend ICP needs to move back above three point seven eight dollars On the four hour chart there was a small imbalance near three point two dollars after a prior bullish move The token then dropped eight point four six percent in less than twelve hours Short term charts show some bullish signs but the higher timeframe structure remains negative Traders should be careful before taking long positions

Market sentiment for Bitcoin and other major cryptocurrencies is mostly bearish Until overall conditions improve altcoins like ICP that see sharp gains may face selling pressure from profit taking Traders who focus on shorter timeframes may look for buying opportunities near support at around two point nine dollars and use stop losses to manage risk

Swing traders should focus on the three day chart and watch the key level at three point seven eight dollars Until a candle closes above this level the overall trend is still considered bearish The one day chart also confirms this level as an important point for the next move

In summary ICPs recent rally was likely supported by interest in AI powered no code tools from the Dfinity Foundation The price action on higher timeframes is still bearish and profit taking has been strong Traders should be cautious taking bullish positions until ICP moves above three point seven eight dollars and the chart structure shows a sustained uptrend The market remains uncertain and watching key support and resistance levels can help traders make safer decisions

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