The cryptocurrency ICP has plummeted from its all-time high of $2,800 to a staggering low of $2.11, marking a drop of over 99.9%. This extreme decline has left many in the crypto community reeling and wondering if the token is truly dead or an opportunity waiting to be seized.
The current price of ICP has reached levels that were previously unimaginable, but according to some observers, this could be a buying opportunity. They point to volume patterns on the way down as a sign of steady accumulation before a potential violent flip.
The risk-reward ratio in such cases is often asymmetric if one believes in the utility's survival despite the current downturn. The author notes that most people are fixated on the token's graveyard, but they're keeping an eye on volume patterns.