The price of the Internet computer is recovering from the sharp collapse of the past week. However, ICP is working hard on it and struggling above $ 60. Even though Internet Computer Protocol (ICP) fell from Monday’s $ 50.31 low to $ 60.29, there is still a long way to go to erase last week’s $ 86.95 drop. However, if ICP can break through the resistance at $ 62.00, a run to $ 75.00 might be achievable.
ICP has been one of the worst performing crypto assets this year. When it was listed on multiple exchanges in May, the price was all over the store. ICP started trading on Binance trade around $ 240 before climbing to $ 3,161. However, within two months the internet computer price was trading at $ 27.60, and even though ICP has more than doubled since then, it is still 75% below its starting price and 98% below its high. high historical. While ICP is unlikely to set a new record anytime soon, if at all, it does offer some interesting trading opportunities.
ICP price prediction
The four hour chart shows clear bands of price support and resistance. Below the price, the scale bracket is between $ 60.00 and $ 50.00. Above the market, the price of the Internet computer is met with an offer above $ 75.00. This has created a nice range of trading for short term traders.
Currently, the ICP is moving out of the demand zone and the price development seems constructive. However, a series of highs around $ 62.00 offers some resistance. If the price hits $ 62.00, I would expect an expansion to the $ 75 supply area. Although below $ 62.00, the fate of ICP is less clear, which could cause the launch to fail.
In this case, ICP could drop towards $ 50.00. However, as we’ve seen over the past month, this is where buyers step in. And so, if the price drops from here, it can present an even better buying opportunity. And as long as $ 50.00 holds, the view remains. However, if the Internet Computer drops below $ 50.00, the view becomes invalid.
Internet Computer Price Table (4 hours)
For more market information, follow Elliott on Twitter.