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- ICP price is currently trading at $5.74 while seeing a decrease of -3.35% during the intraday session.
- The 24 hour trading volume for internet computers is down by 15.77% at the time of writing.
- ICP price is currently above 50 and 100-day EMAs.
The bullish rally for ICP started at the beginning of the year 2023 which pushed the price to $8.24 level. The price jumped from the low of $3.80 level rising approximately 116% since the start of the year. ICP price is currently forming a symmetrical triangle on a daily basis. The price has been squeezing since mid of april.
The price after forming high at $8.24 level has corrected the move by dropping approximately 44% then created a support at $4.71 level to again retest the highs. The price did retest but was unable to break above the level. ICP price has recently formed a support at $5.71 level and is potentially in a downtrend headed towards the support. Bulls need to protect the $5.71 level as price might drop to $5.30 level.
Internet computer price surged in April due to an increase in bitcoin price. The second reason for the price surging was the announcement of chain-key Bitcoin(ckBTC) on ICRC-1- complaints token backed by bitcoin 1:1. The ckBTC differentiate itself from other cross chain derivatives token as its operation requires no centralized custodian, bridges, or traditional cloud providers operating a fully decentralized system. In the month of April, investors saw a price surge above $7 level with an increase of 24% since february. If bulls can defend the $5.71 level and there is active participation of bulls in the market, traders can expect price rise to $6.50 level.
Internet computer technical analysis:
ICP price is currently trading near 20-day SMA of the bollinger bands indicating that price might enter in a consolidation phase or if break of $5.71 level happens the price might head toward the lower band of bollinger which is residing near $5.30 level. The RSI currently trades at 49.65 indicating price is currently in neutral territory with the same pressure from bulls as well as bears. The chaikin money flow score is at 0.00 showing no signs of weakness or strength in the market and indicating a possibility of consolidation near the $5.7 region. According to coinglass, the longs/shorts ratio of internet computers is at 1 with 49.89% longs and 50.11% shorts indicating that there is no significant pressure from bulls or bears in the last 24 hours.
Conclusion:
The market structure and price action for Internet computers seems to be turning bearish but the technical indicators show indecisiveness as price does not have enough bullish or bearish pressure. The new development and increased social dominance surged the price in the month of april and the month of may started slight bearish pressure. Traders should wait for the proper confirmation before looking for any sort of bids.
Technical levels:
Major support: $5.30 and $4.70.
Major resistance: $6.50 and $6.83.
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.
