- Internet Computer Coin price is consolidating into horizontal range, after forming double top formation over the 4-hour price chart.
- RSI gives relief to the buyers after rebounding from oversold territory and MACD is attempting to generate bullish crossover.
- Internet computer price with Bitcoin pair has jumped by 6.84% at 0.0005698 satoshis.
After dropping in a downward channel from $38 during the previous three days, the Internet Computer appears to be shifting into a box formation. After producing a double top formation, ICP Coin is barely above its lowest cost ever. The ICP coin faces significant resistance at $22, the top border of the box pattern. The trend is unidirectional unless the coin’s price is in this sideways channel. Moreover, if buyers breach the short-term resistance level of $22, we may witness a rally approaching the $27 level (the neckline of the double top formation).
At the time of writing, the internet computer coin is slightly bullish by 2.72% at $21.10. Bulls are approaching to breach the box pattern, but sellers deny this act. From a $38-short term resistance, the coin lost around 45% of the cost till now. However, the volume of ICP coin has jumped by 174% over the past 24-hours. Although the volume oscillator indicator again moves lower into the negative zone after retesting neutral level-0.
Internet Computer coin price is in the red zone according to the Supertrend indicator; The bulls will have to make a lot of effort to overcome the RedZone of the indicator. However, the major moving averages (including the 20, 50, 100 and 200 MA) have remained above the current price of the ICP.
Traders wait impatiently for the breakout of box channel
The price of Internet Computer Coin with Bitcoin has dropped sharply from the pivotal 0.000900 Satoshis resistance level. The ICP/BTC pair price is leading the bulls by 0.0005692 satoshis, which is incline by 6.59%. The ICP/BTC pair’s price action indicates that price is finding support on a bullish trendline. However, the pair price remains below the 20 and 50-day moving averages; in the last trading session, bulls attempted but failed to breach these MAs. If buyers re-enter the market and break through the 50-MA line, the pair’s price action may reflect the formation of a double bottom. On the daily price chart, the MACD indicator is attempting to generate a bullish crossover.
In terms of the daily price chart, RIS has been in a bullish territory after dipping into the oversold stage, and the average directional index at the 30-mark shows weak bullish momentum.
Conclusion
Buyers have an excellent opportunity to take advantage of the positive trend given the present market conditions. If the ICP coin breaks through the short-term crucial $22 resistance level in the next sessions, a bull run to the $27 level is possible.
Support level – $18 and $15
Resistance level – $27 and $35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.