ICP and FIL: Altcoin Analysis for September 6, 2023

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Photo - ICP and FIL: Altcoin Analysis for September 6, 2023
Little has changed in the BTC landscape since our last review. Here's the market situation for the cryptocurrencies Internet Computer (ICP) and Filecoin (FIL) as of Wednesday, September 6.

Internet Computer (ICP)

Since its debut on the cryptocurrency exchange two years ago, ICP has consistently trended downward. The coin reached its ATL of $3.15 just recently, on August 17.

The prevailing support range stands between $3.15 and $3.26. To escape its recent downturn, the coin needs to breach the $3.54 resistance, secure a position above the $3.70-$3.86 seller zone, and challenge the $4.08 mark. However, this pertains only to the immediate scenario; for ICP to shift from its overarching decline to a bullish trajectory, buyers must establish themselves beyond the $50 benchmark, which has many intervening resistance zones.

It's difficult to pinpoint any support levels beneath the current bracket, given the asset hasn't previously dropped this low. Still, the $3 level could act as a psychological anchor for prospective buyers.
ICP chart on the H4 timeframe

ICP chart on the H4 timeframe

Filecoin (FIL)

The market trend for FIL mirrors that of ICP. The asset is in a downward trajectory, currently trading near the support zone of $3.1-$3.2. Buy orders are positioned around the psychological threshold of $3, just above the coin's all-time low of $2.64.

Due to the close correlation between altcoins and BTC, many cryptocurrencies felt the impact of Bitcoin's significant downturn on August 17, and Filecoin was no exception. On the lower timeframe, FIL has established multiple resistance levels: at $3.34, in the zones of $3.5-$3.62 and $3.85-$4.00, and a notable peak at $4.13. A sustained position above this latter price would indicate a shift in the local trend towards a bullish phase.
FIL chart on the H4 timeframe

FIL chart on the H4 timeframe

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Disclaimer

Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the Gagarin News editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.

Abbreviations

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

Initial materials

This analysis was informed by the following educational materials and articles from Gagarin News: