- Internet Computer Coin broke out of an uptrend line after breaking back from the 100-day moving average.
- ICP Coin displays required Moving Avengers (including 20, 50, 100, and 200 EMA) on a daily basis below.
- The ICP coin belonging to the bitcoin pair is trading down 3.4% at 0.0004095 satoshis.
The outlook for Internet Computer Coins turns bearish after the return of the 100-day moving average (yellow), with the hourly price chart giving a double top formation. However, ICP broke above the short-term support level of $18.50 on April 8 and the coin headed towards $14.6, the lowest level on record.
Formation is a true sign of short selling. So, according to CMC, the coin is trading at $17.28 at the time of writing, with a loss of 4.47% in the last 24 hours. Additionally, the ICP coin belonging to the bitcoin pair is trading up 3.4% at 0.0004095 satoshis.
Sell-offs increased during the rally, but intraday trading volume declined near key resistance $24; Therefore, the daily volume bar showed a rounded top formation. In contrast, ICP Coin saw a 50% increase in trading volume compared to the previous night.
Prior to the rally, the 20-day EMA appeared to be horizontal resistance for buyers. But after breaking the trendline, the bears broke all EMAs (including the 20, 50, 10, and 200 EMA) against the backdrop of the daily price chart.
RSI is about to reach oversold territory
The daily RSI broke out of the short-term uptrend line (dotted blue) and the long-term trendline (yellow). RSI shows weakness in ICP with a presence at the 40 mark.
The ADX indicator is slowly trending lower and has reached the 22 mark, indicating a weak uptrend for Internet Computer Coin.
Internet Computer Coin (ICP) is expected to hit an all-time low of $14.68. Below this level, the bulls have the last chance to escape the bloodbath.
Support levels – $15 and $10
Resistance level – $24 and $35
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.