ICP Price Forecast: Bullish ABC Pattern Targets $54 Amid Rising Momentum

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ICP is showing signs of fresh momentum, and the ABC chart pattern indicates the digital asset is on track for a major price rally. A climb in demand usually indicates the price is trying to reach its peak. Bitcoin price is at an all-time high, but most altcoins are seeing slower growth, including ICP. Both traders and investors are closely watching ICP and expect a bullish momentum.

At the time of writing, ICP is trading at $5.28 with a 24-hour trading volume of $60.01 and a market cap of $2.81B. Its price over the last 24 hours is hit by market volatility and down by 3.64%, but over the last week it is up by 2.52% and signaling a major upward rally.

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Source: CoinMarketCap

According to a prominent crypto analyst, CryptoBullet ICP has surprised everyone by fulfilling a traditional ABC corrective pattern rather than an expected triangular pattern. This change is an indication of a possible bull reversal instead of protracted consolidation. The last leg, Wave C, is poised to develop, which tends to mark an end to a correction and a beginning to a powerful up move.

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Source: X

Following are the many targets in upward movement. Target 1 is at $12, a small check along the way higher. Target 2 is $31, the broader goal based upon prior highs and technical analysis. With momentum intact, Target 3 at $54 is possible, an optimistic scenario that would mean a full recovery and fresh strength. With the ABC correction, the upcoming Wave C could be the beginning of a significant move for ICP.

Moreover, another crypto analyst suggested that ICP is showing a potential bullish breakout as it tests the upper boundary of a widening wedge pattern in the daily timeframe. The pattern is often regarded as related to increased volatility and quick directionality. ICP’s price movement develops solid momentum in the zone for a potential breakout. Increasing volume and establishment of higher troughs exhibit bullish pressure, and the asset is in a pivotal position.

Source: X

If ICP manages to break above wedge resistance, targets being watched for upside are $6.45, $7.50, $8.66, $10.00, and $12.50. These levels reflect potential gains of 120% from here. Technical indicators like RSI and MACD continue to support a breakout situation, although caution should be exercised in watching for potential fake-outs that are often found in wedges.