Any sort of short term bullish breakout went out the window once we broke the $40 floor a few weeks ago. At this point I don't believe ICP has it in it to break into some higher figures without spending sometime consolidating in this $20-$40 range we've found ourselves in.
With that though in mind and short of any hyper bullish catalyst I could see longer term bottoming pattern play out. Something like the chart shows. A potential inverse head and shoulders break out of this macro falling wedge.
If this is the case then we could see ourselves playing in this $20-$40 zone for a few months before we see much higher price action. Perhaps towards the Spring of 2022 we could see a real breakout followed by a sustained uptrend into a market cycle top.
With that though in mind and short of any hyper bullish catalyst I could see longer term bottoming pattern play out. Something like the chart shows. A potential inverse head and shoulders break out of this macro falling wedge.
If this is the case then we could see ourselves playing in this $20-$40 zone for a few months before we see much higher price action. Perhaps towards the Spring of 2022 we could see a real breakout followed by a sustained uptrend into a market cycle top.