Bearish Technical Analysis:
#ICP at $2.963, below the major exponential moving averages, and the relative strength index at 28.37 indicates a potential rebound due to overselling in the bearish trend.
Smart Money Shift: Whales have shifted their long positions to short positions totaling 3.27 million, and the ratio of long positions to short positions has dropped to 0.388, indicating strong bearish conviction.
Institutional Accumulation: A net inflow of $270.5 thousand, of which $186.19 thousand came from large buyers at the support level.
The risk of strong pressure is coming: There are 6.79 million open short contracts; a breakout above $3.90 could trigger a strong squeeze.
Price Action and Technical Outlook
Trading at
$ICP at $2.963, below the exponential moving averages 7/25/99 ($3.014–$3.185) and the middle line of the Bollinger indicator ($3.036), testing the lower line at $2.960.
The relative strength index is 28.37 (oversold), while the histogram
#MACD is turning positive (0.0014) despite the price decline, indicating an initial bullish divergence.
Daily trading volume is $99.3 million, with a net inflow of $270.5 thousand, of which $186.19 thousand came from large buyers, against $628.86 thousand in manufacturer selling volume, reflecting institutional interest amid weak retail trading.
Please follow up.
$ICP