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- ICP token shows a rebound in the last session.
- Bulls defended the support mark displayed on the charts.
Internet Computer (ICP) token showed a reversal from support on the daily chart. Recently, ICP broke its trendline of the falling wedge pattern and slipped from the support mark of $5.00.
Moreover, the token trades below the significant moving averages and favors sellers from last week’s sessions. The sellers are attaining strength, making their short positions resulting in a price decline. The strong resistance mark of $5.00, where bulls reversed and struggled near the bottom level of $3.50, was defended in the last session.
Moreover, a long wick candle was formed in the last session, retested the support mark, and showed buyers intent to perform a reversal move.
When writing, the ICP token trades at $3.732 with an intraday drop of 1.01%. Moreover, the trading volume increased by 1.46%, showing sellers’ interest. The pair of ICP/BTC is at $0.000145 BTC, and the intraday high of ICP is $3.809, while the low is $3.651.
ICP Daily Chart Shows Sellers Rulage
On the daily chart, the ICP token trades in a strong congestion zone, and sellers have shown dominance in the past sessions. However, bulls have shown their muscles gaining from the support showing a bounce in the last sessions. However, momentum will rise if the price attains the range above $4.00, and the token will retest the neckline of $5.000.
If the token attains the mark of $4.00 and rides a reversal move in the following sessions, there could be extensive buying, leading to a trend reversal move toward the secondary resistance mark of $5.00 soon.
On the other hand, if sellers throw the token below $3.500 further, a fresh down move will lead the token to new lows.
Furthermore, there is a probability that now bulls will ride for the reversal and try to claim the previous highs of $5.00 soon.
The Fib levels indicate that the price is below 50% and near to 23.6% level, where taking support on it, a bounce can be happening soon in the upcoming sessions.
What Traditional Indicator Says?
On the 4-hour charts, the ICP token showed volatile moves with intense selling pressure in the past trading sessions.
Moreover, the RSI forms a negative crossover and rides below neutrality. The curve is near 30 in the oversold zone. However, price action shows the buyers tried to attain momentum and were willing to rescue the gains.
The MACD indicator plotted red bars on a histogram and continued to show selling pressure on the charts. Still, an intersection of the MA line and signal line is happening on the indicator, which could lead to bullishness in the near sessions.
Conclusion:
Internet Computer (ICP) price indicates selling in the past trading sessions but defends the support levels.
Technical Levels:
Support Levels:$3.50
Resistance Levels: $5.00
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
