ICP could be gearing up to hit around a $11.5 billion market cap - which would be my 1st target on a long position. This is taken from the bottom of the trend line of the initial trend, which started it's push from the double bottom @ $3.8 bil MC. If there are a couple of decisive closings above $11.5 billion within the next few days, it wouldn't be impossible if it reached for the original trend line's top - just shy of $30 billion.
Invalidation of this would be if it were to decisively spit out of the current pattern, hitting approximately $6 billion in MC.
Best of luck, and trade responsibly.
Invalidation of this would be if it were to decisively spit out of the current pattern, hitting approximately $6 billion in MC.
Best of luck, and trade responsibly.
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Could also spit out to $6bil then shoot up. All speculation
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10/23/21 update:
Marketcap is increasing while price remains relatively the same. This is an indication of distribution / redistribution - as an increase in circulating supply multiplied by the (same) spot price would give ICP a higher MC.
Circulating supply according to Messari:
-October 12th = 167.1 million
-October 22nd = 174.0 million
---> = 690,000 ICP tokens released per day given the timeframe
Marketcap is increasing while price remains relatively the same. This is an indication of distribution / redistribution - as an increase in circulating supply multiplied by the (same) spot price would give ICP a higher MC.
Circulating supply according to Messari:
-October 12th = 167.1 million
-October 22nd = 174.0 million
---> = 690,000 ICP tokens released per day given the timeframe