- Internet Computer (ICP) prices witnessed a decrease in buying volume by -37% in 24 hours.
- ICP price is sustaining below the 20-day, 50-day, and 100-day EMA levels.
- Internet Computer (ICP) is currently trading at $4.10.
The cryptocurrency known as Internet Computer Coin (ICP) was created as a crucial element of the Internet Computer platform which was created by the DFINITY Foundation. A decentralized network called the Internet Computer intends to transform the internet by establishing a new model for hosting and operating software programs.
ICP acts as the Internet Computer ecosystem’s native utility token. It is essential for the platform’s operation in several areas including network governance, computation costs, and participation in consensus mechanisms. ICP can be used by users to access and interact with programs and services that are hosted on the Internet Computer.
Internet Computer (ICP) coin based upon the daily timeframe chart is currently in a downtrend momentum.
After reaching a high of $630 in May 2021, the price of the Internet Computer (ICP) coin has significantly dropped. at $4 right now, it has fallen a startling 99%. The strength and investor confidence in the coin has both been significantly harmed by this precipitous decrease.
The ICP coin found some support around the $3.3 level after the sharp fall. A descending triangle pattern appeared on the price chart as a result of the numerous resistance hurdles that prevented any attempts at recovery. This chart pattern often portends a pessimistic prognosis for the coin’s price alterations in the future.
The ICP coin’s overall structure displays a weak pattern. The market sentiment is still cautious and the likelihood of additional decline is strong. The coin’s price is likely to drop further until it reaches its support level and there’s a chance that it might then consolidate inside the boundaries of the descending triangle.
Internet Computer (ICP) Price Analysis
EMA
It is unfavorable for the currency if the price of the ICP coin trades below the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA) levels daily.
RSI
The RSI line is lower than the Simple Moving Average (SMA) line indicating that recent price increases for the currency have been less robust than historically average increases over the given period. An undersold state or a lack of buying pressure may be indicated by a low RSI, which highlights a relative weakness in the coin’s price movement.
MACD
In ICP stock price a bearish crossover has been created. The MACD line is below the signal line. This further indicates that the stock price might fall in upcoming days.
Conclusion
In conclusion, the analysis demonstrates that the cost of Internet Computer (ICP) is displaying indicators of negative momentum which may favor a price decline in the future. The main causes of the negative trend are the development of a weaker price structure and the presence of unfavourable indicators like MACD, RSI, and EMA.
Technical Levels
- Support Level – $3.3
- Resistance Level – $5.9
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.