🔥 ICP Long-Term Trend Shift: Short-Squeeze Potential
In the past I've written many times about ICP's terrible performance and price action. It was one of the worst performing tokens of the last 2.5 years, with a serious risk of never going up again.
But, where there's pain, there's also opportunity. With ICP losing over 99% in value in 2.5 years, it has some serious potential to pump. Not saying that we're going to see new all-time highs, but a move towards 100$ is still in the cards.
The weekly RSI has hit it's highest level since ICP started trading on Binance. This is a bullish metric in itself.
Furthermore, with ICP being so weak, it was a shorter's dream come true. I reckon there's a lot of shorts currently wondering whether to close their short position or to leave it open.
If BTC (and alts) continue to rise, ICP will rise with it, making more and more shorters close their positions, which leads to even more bullish price action since they have to buy their positions back. This could cause a short-squeeze in ICP's price.
All in all, I think it's quite possible that ICP's lows are in and that we're going to see a long-term trend shift.
But, where there's pain, there's also opportunity. With ICP losing over 99% in value in 2.5 years, it has some serious potential to pump. Not saying that we're going to see new all-time highs, but a move towards 100$ is still in the cards.
The weekly RSI has hit it's highest level since ICP started trading on Binance. This is a bullish metric in itself.
Furthermore, with ICP being so weak, it was a shorter's dream come true. I reckon there's a lot of shorts currently wondering whether to close their short position or to leave it open.
If BTC (and alts) continue to rise, ICP will rise with it, making more and more shorters close their positions, which leads to even more bullish price action since they have to buy their positions back. This could cause a short-squeeze in ICP's price.
All in all, I think it's quite possible that ICP's lows are in and that we're going to see a long-term trend shift.
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