ICP resists the red market, soaring 68%
The ICP token of the Dfinity project is in no hurry to follow the example of the reddened market and soars in price by 68% per day. Bitcoin, meanwhile, is “licking its wounds”, restoring the $40,000 level.
Appearing on exchanges, the coin easily entered the top ten cryptocurrencies on CoinMarketCap. Although hardly anyone expected a different alignment from a project intending to "move" Internet giants like Amazon, Microsoft, and Google.
But not without the negative. Since the listing of Dfinity tokens on major exchanges 10 days ago, their value has dropped markedly from a record high of $737 to a record low of $94. And even though the token was trying to recover from a sharp drop from $600 to $280, it happened only once the day after it appeared on the exchanges, when it again managed to test the $500 level.
Now, the cryptocurrency has straightened its shoulders and started to grow up, setting a good example for the rest of the altcoins on the market. The current value of ICP on Binance is $178.84, and the project capitalization exceeds $22.25 billion.
The ICP steadily approached the horizontal resistance around $208 suggested by a series of May 17 highs. If the token manages to reach this level and break it, then we can talk about potential growth to the lows of May 15 at around $235. And since the bearish resistance was overcome at the $135 mark, further indicators received noticeable support from the bulls.
A bad outcome can happen if investors do not hold on to an uptrend. A fall to levels below $150 could cause further losses, even for those who purchased the token at yesterday's $94 low. If even not saying about those who acquired it in the early days of listing on Binance, Coinbase, Huobi, and other major exchanges.