- Internet computer coin is trading at an all-time low level.
- Internet computer coin has melted down over 99%.
- ICP coin has breached the important support level of $3.356.
Internet computer coin has declined by over 8% in a week, 1% in a month and 44% in a year. These stats show that the coin price has been under the complete dominance of the bears. This coin has witnessed an absolute meltdown, as the price has declined by 99.90% from the highs.
The ICP coin has witnessed some temporary pullbacks in between this strong downtrend. These pullbacks only trapped the investors as the coin has never sustained any pullback until now. However, the swing traders might have gained some smart gains, as the price has shown some great swings in between.
Internet computer coin has recently breached the crucial support level, along with the all-time low level of $3.356. The coin has formed a new all-time low of $2.827 in September..
A Quick Glance at the ICP Chart
Internet computer coin is currently trading very close to an all-time low level, indicating that the price is currently bearish. It has recently tested the broken support which is now acting as a resistance. The coin price is now challenging the buyers who are present at the lower level, from where it has shown a pullback. If we observe the exponential moving averages (EMAs), then the coin is trading below the 50-day and 100-day EMAs.
In May 2023, ICP coin experienced a bearish crossover with its EMAs. Subsequently, the coin’s price demonstrated a significant downward movement in line with this bearish trend.
Right now, the ICP coin is facing rejection from the 50-day EMA. This token has created a supply zone at the $3.356 and $4.506 levels. However, the token has also created a support level at $2.827. $1.828 can also provide some support, according to the Fibonacci tools.
General synopsis of the Indicators
Apart from the EMAs, the Bollinger band and relative strength index tell a different story.
Bollinger Bands
ICP coin price is trading near the lower band of the Bollinger Bands. It seems the Bollinger Band is getting squeezed now, and this indicates that the coin will witness less volatility ahead. The lower band is present near the level of $2.836 and the upper band is present near $3.256.
Relative Strength Index
The relative strength index (RSI) is currently sloping down which indicates that the coin is currently under the control of the bears. The RSI is currently placed at 39.57, which is also a bearish sign.
Conclusion
The ICP coin price is defending the support level of $2.827. If the coin breaks this level in the future, then it can try to achieve the support level of $1.828. On the other hand, $3.356 will act as a strong resistance to the price. If the price breaks through this level, then $4.506 will be the next resistance level.
Technical Level
Resistance – $3.356 and $4.506
Support – $2.827 and $1.828
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.