🔥 ICP Copying SHIBA? Massive Break Out Potential
In this analysis I want to dig deeper into a recent discovery I made. When laying the charts next to each other there are several similarities.
1) When the tokens first started trading on Binance, there was a huge, multi week sell-off that occurred. Both tokens lost 80%-90% of their first daily closing value
2) Both tokens had a very long period of accumulation. During this accumulation period price action was very limited and volume was low.
3) SHIBA saw one major candle on Oct 4th that launched the price out of this accumulation period. This candle was the starting moment of an almost 600% rally. A candle like that for ICP could be the start of a rally like that.
ICP is still in this period of accumulation. We saw some nice price action today, but nothing is signaling a break out of the accumulation period, yet. I'm waiting for a strong daily candle which will bring us above $80 before trying to ride the wave. The price has been suppressed for a very long time, so when the price finally goes it will explode to the upside.
Naturally, this is a very speculative analysis. However, the similarities are certainly there. Keep an eye out for big daily ICP candles, since it might signal another "SHIBA-move".
Happy trading!
1) When the tokens first started trading on Binance, there was a huge, multi week sell-off that occurred. Both tokens lost 80%-90% of their first daily closing value
2) Both tokens had a very long period of accumulation. During this accumulation period price action was very limited and volume was low.
3) SHIBA saw one major candle on Oct 4th that launched the price out of this accumulation period. This candle was the starting moment of an almost 600% rally. A candle like that for ICP could be the start of a rally like that.
ICP is still in this period of accumulation. We saw some nice price action today, but nothing is signaling a break out of the accumulation period, yet. I'm waiting for a strong daily candle which will bring us above $80 before trying to ride the wave. The price has been suppressed for a very long time, so when the price finally goes it will explode to the upside.
Naturally, this is a very speculative analysis. However, the similarities are certainly there. Keep an eye out for big daily ICP candles, since it might signal another "SHIBA-move".
Happy trading!
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