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Internet Computer (ICP) in an Accumulation Phase

At the time of writing Internet Computer (ICP) is being traded at the price of $44.59. It has had a decrease of almost 1.10% in the past 24 hours. The daily trading volume has decreased by almost 39.88%. Internet Protocol (ICP) is listed on coinmarketcap and holds the 25th spot according to market cap and has a dominance of 0.31%. It has a total supply of 474M coins and has a circulating supply of around 174M coins.


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Technical analysis (ICP):

Seeing ICP on monthly just shows nothing except a huge wick. A wick that reached a peak point of $2831 before falling to a price of just $92.
This is very common in coins. This usually happens because of any fundamentals of coins. The weekly time frame did showed some sort of bullish sentiment but that too soon was retraced by 75%. Hence the weekly and monthly timeframe doesn’t really shows any directional bias. Talking about the recent price action where almost only bullish move will be discussed which was clear on weekly.

The price of ICP when pushing down was obviously breaking structures to the downside. But on the 20th of July 2021, the price got some involvement of buyers which resulted in a structure shift which broke the previous high on the 7th of August.

After that broken structure, ICP went in an accumulation phase, and started making support and resistances. As being aware of an AMD formation, the price first took out liquidity to the topside, and then the original expansion was observed to the downside.
Recently the expansion to the downside got quite weak and market is again in consolidation phase. Now as past repeats itself, it is very likely that, ICP will follow an AMD pattern. So seeing the Wyckoff accumulation schematic, it can be seen that market now might do a spring move which according to smart money concept is a manipulation phase. So this fake move might tap in the daily O.B below from where the real expansion can be observed to the upside.
This move if it follows accordingly, can or might last till the 4h order block present at $76 from where the price might show some sort of reaction. Now an invalidation point will be if the zone at $31.60 doesn’t hold the price of ICP, and the market push down violating the demand, then it is likely that the price will be bearish for some more time.

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