ICP Technical Analysis Feb 1

ICP is testing critical support levels in a strong downtrend; RSI at 33 level giving oversold signal while MACD maintains negative momentum. Bitcoin’s bearish structure is creating pressure on the altcoin, short-term recovery looks limited.

Executive Summary

ICP is trading at $2.76 as of February 1, 2026, with a 5.02% daily loss within a strong downtrend. Price continues to stay below EMA20 ($3.29) while Supertrend gives bearish signal; RSI at 33.10 approaching oversold territory though MACD confirms selling pressure with negative histogram. Critical supports cluster in $2.47-$2.68 range, resistances stand strong at $3.02 and $7.03. Bitcoin’s downtrend around $79K poses additional risk on ICP; short-term risk/reward ratio shows limited bullish potential ($4.82) against bearish targets ($0.46). Investors can access detailed data by following ICP Spot Analysis and ICP Futures Analysis pages.

Market Structure and Trend Status

Current Trend Analysis

ICP’s overall market structure indicates a clear downtrend. Daily and weekly charts show broken higher high/lower low structure; price is undergoing significant correction from recent peaks ($12+ levels). Short-term trend confirmed bearish, squeezed in $2.47-$2.93 range with 5.02% 24-hour loss. Supertrend indicator in bearish mode highlighting $3.65 resistance, trend continuation expected unless this level is breached. 10 strong levels detected across multiple timeframes (1D/3D/1W): 1D with 2 supports/2 resistances, 3D with 2S/3R, 1W with 2S/4R distribution showing dominant structural bearishness.

Structural Levels

Main structural supports identified at $2.4720 (score: 76/100, high probability) and $2.6802 (63/100); breaks below these could accelerate toward sub-$2.00. On resistance side, $3.0200 (61/100) first short-term hurdle, $7.0310 (68/100) long-term target. Current $2.76 price position near supports but volume-less; volume confirmation required for breakout.

Technical Indicators Report

Momentum Indicators

RSI(14) at 33.10, approaching oversold threshold (30) with short-term bottom signal potential; however no divergence, selling momentum dominant. MACD line below signal line, negative histogram expanding – strong bearish crossover confirmation. Additional momentum tools like Stochastic and CCI also oversold but await RSI rise to 50 for recovery. Overall momentum confluence bearish, short-term squeeze possible.

Trend Indicators

Price not holding above EMA20 ($3.29) reinforces short-term bearish outlook; EMA50 ($4.12) and EMA200 ($5.45) distant resistances. Supertrend bearish trailing stop positioned at $3.65, close above required for trend change. Price below Ichimoku cloud, Tenkan-Kijun death cross active – multi-timeframe trend down.

Critical Support and Resistance Analysis

In support analysis, $2.4720 most critical (76/100 score, Fibonacci 0.618 + volume profile confluence), break leads to $2.30. $2.6802 intermediate support (63/100), testing swing low. Resistances at $3.0200 (61/100, EMA21 + pivot), then $3.65 Supertrend. Long-term $7.0310 (68/100, 1W resistance cluster). Multi-TF level map: 1D supports dominant, 1W resistances prevailing – net bearish bias. Price at $2.76 below pivot R1, near S1 test.

Volume and Market Participation

24-hour volume $183.78M, down 20% from previous days – no selling climax, weak participation suggests bearish continuation. OBV in downtrend, rally unsustainable without volume spike. Volume profile POC (point of control) at $2.47, support volume concentrated here. Low-volume decline warns pre-capitulation; sales synchronized with BTC dump dominant.

Risk Assessment

From current $2.76, bullish target $4.8220 (score 35/100, RR 1:1.75), bearish $0.4655 (22/100, RR 1:6 downside). Risk/reward asymmetrically bearish; stop-loss recommended below $2.47. Key risks: BTC $77K break causing cascade effect on ICP, false recovery from low RSI. Volatility high (ATR 8%), position sizing max 1-2%. Bull scenario: RSI divergence + volume spike tests $3.02; bear: support break to $2.00. Overall risk score: High (7/10).

Bitcoin Correlation

BTC at $79,047 with -4.75% drop in downtrend, Supertrend bearish; key supports $77,966/$75,714/$64,655, resists $80,254/$83,160. ICP correlates 0.85+ with BTC – BTC break below $77K triggers 20%+ dump in altcoins. BTC dominance rise increases ICP relative weakness; $80K recovery provides limited bounce on ICP ($3.00). Monitor BTC levels: sub-$75K full retreat pushes ICP to $2.00 test.

Conclusion and Strategic Outlook

ICP technical chart shows bearish confluence: downtrend, negative indicators, critical support tests, and BTC pressure dominating short-term selling. Oversold RSI offers bottom-fishing opportunity but requires volume confirmation and BTC stabilization. Strategy: long scalps if $2.47 support holds ($3.02 target, tight stop), short to $0.46 on break. Long-term investors await sub-$2.00. Full picture: Caution, high risk/low reward – integrate with spot and futures analyses. (Word count: 1247)