The situation with ICP is a bit grim! Will it continue to drop?
It seems that ICP has broken below the upward trend line, and this pullback looks like it will be particularly deep, especially since it has risen from 2u. We should first look for support around 6.3-6.6u during this pullback; as interest wanes, it may drop further.
This coin is an old coin, and it has an infinite supply, with no one really using the project to support its market cap of 5 billion. Nowadays, if a new project can achieve a market cap of 500 million to 1 billion, that's considered successful, especially since we are not in a bull market. Its price will slowly revert to fundamentals in the long term.
Then there's ZEC, which is also just a temporary fad; this is why Shuqin chose to short them. However, ZEC's candlestick chart doesn't look as bearish as ICP's, as its bottom is rising, so ZEC may still hold up, but ICP is indeed looking a bit concerning.
I haven't shorted some coins that surged because their fundamentals are still acceptable, but I believe the fundamentals of these particular coins are lacking. Yesterday's short was spot on, entering strongly at a major resistance level. Thanks to the speculative funds for pushing these coins so high; it's all just a bubble, and our short profits are very substantial~$ICP
It seems that ICP has broken below the upward trend line, and this pullback looks like it will be particularly deep, especially since it has risen from 2u. We should first look for support around 6.3-6.6u during this pullback; as interest wanes, it may drop further.
This coin is an old coin, and it has an infinite supply, with no one really using the project to support its market cap of 5 billion. Nowadays, if a new project can achieve a market cap of 500 million to 1 billion, that's considered successful, especially since we are not in a bull market. Its price will slowly revert to fundamentals in the long term.
Then there's ZEC, which is also just a temporary fad; this is why Shuqin chose to short them. However, ZEC's candlestick chart doesn't look as bearish as ICP's, as its bottom is rising, so ZEC may still hold up, but ICP is indeed looking a bit concerning.
I haven't shorted some coins that surged because their fundamentals are still acceptable, but I believe the fundamentals of these particular coins are lacking. Yesterday's short was spot on, entering strongly at a major resistance level. Thanks to the speculative funds for pushing these coins so high; it's all just a bubble, and our short profits are very substantial~$ICP