Internet Computer Price Analysis: ICP Crypto Is On Its Way To Follow Bear’s Orders But For How Long?

  • The Internet Computer is down 16.6% so far this week.
  • Despite the Crypto market decline, the ICP coin’s market cap is green by 4% in the last 24-hour.
  • The ICP price is remaining below the key moving averages like 20,50,100 and 200.

The Internet Computer coin didn’t meet buyers’ expectations last night. During accumulation under the ascending parallel channel (below the chart), traders enjoyed a roller-coaster ride but recently bear dumped prices below this channel.

At the time of writing ICP coin is trading at $6.6 Mark with little recovery in the intraday trading session. Buyers should wait for weekly price closing for further move. Meanwhile, the $6.0 level has a previous swing low, so buyers may accumulate coins in this area.

Buyers got a rejection near below 20-day moving average over the weekly price scale. Hence, bears continue selling coins, and prices was moving down for the past three weeks. Similarly,  Internet Computer is down 16.6% so far this week.

Further activity of bears’ may take a pause after observing altcoin in green. As a result, the Market cap is higher by 3.8% at $1.69 Million in the last 24 hours. However, trading volume seems to be neutral, for any sharp move. Moreover, the ICP coin concerning the Bitcoin pair is up 6.8% at 0.0003118 Satoshis. 

Today’s Recovery May Influence Buyers 

Significant moving averages like 20., 50, 100, and 200 are staying above the current price of the ICP coin. Now the 50-DMA has acted as the most immediate resistance for buyers. Conversely, the RSI indicator corrects from the 35-level, which is indicating a minor uptrend.

Conclusion

The Internet Computer (ICP) coin seems to be slightly bullish today, which means that the bulls have the potential to reverse the bearish trend. Now buyers need to keep the price above the $6.0-support level to protect themselves from overbuying.

Technical Levels

Support level – $6.0 and $5.0

Resistance level – $10 and $20

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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