The cryptocurrency market is known for its unpredictability, but the current situation with ICP (ICP/TetherUS) has all the makings of a critical moment. The price of $2.174 has become a focal point for traders and investors, as it may determine the trajectory of ICP's value in the coming weeks or even months.
The market's risk-on sentiment is currently strong, driven by the S&P 500 and NASDAQ-100's positive gains, as well as the weakening US Dollar. This environment makes cryptocurrencies more attractive to international investors, but there are also potential headwinds from rising bond yields that could impact equities.
For ICP specifically, the price action reveals a sideways to slightly bearish trend, with signs of life after a prolonged consolidation period. However, this move lacks the volume punch typically needed to signify conviction, and the current price of $2.174 may act as short-term resistance if the market fails to breach the recent high of $2.246.