- Internet Computer Coin (ICP) continues to decline in an intraday trading session.
- Buyers received rejection near the 50-day moving average on the 4-hours price scale.
- The BTC-related ICP crypto pair is up 5.7% at 0.0003051 Satoshis.
The Internet Computer Coin (ICP) just broke beyond its sideways trading limit and quickly rebounded yesterday night. ICP rose last week, with a weekly low of $5.6 recorded. During gathering below the upward parallel channel (bottom of the chart), buyers had a roller-coaster trip, but the pricing has just plummeted below this channel.
The weekly price graph of the ICP cryptocurrencies demonstrates bear dominance, culminating in a 5.5% loss this week. ICP Coin is now trading slightly down in the intraday trading session at $6.11. Buyers were particularly thrilled by yesterday’s surge.
After last night’s gains, the bulls placed their immediate buy orders at the $6.0 mark, in contrast, the bears were already at the $6.6-resistance level. If BTC trades below $21K, this horizontal sideways ICP volatility could occur next week. Meanwhile, buyers received rejection near the 50-day moving average on the 4-hours price scale.
Meanwhile, the market cap of ICP Coin has increased by 4.25% to $1.55 billion, according to data from CMC over the past 24 hours. With the rapid increase, trading volume increased by 33% compared to the previous night. Furthermore, the BTC-related ICP crypto pair is up 5.7% at 0.0003051 Satoshis.
Buyers Have Immediate Support at $6.0 Level
The daily RSI indicator moved above the previous swing high but gives a slight downside for the weekend. Besides, the MACD continues to slide below the neutral zone in terms of the daily price scale.
Conclusion
The Internet Computer Coin (ICP) needs to fluctuate above the $6.0 mark to ignore another downside. Moreover, the bears are already standing at the $6.6-resistance level, with ICP Coin likely to struggle at this level.
Technical Levels
Support levels – $6.0 and $5.0
Resistance level – $7.0 and $10
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.