ICP Price Analysis: Internet Computer Price Action Dampens Bulls’ Efforts

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• ICP/USD is currently priced at $7.68 and has fallen 7.20% over the past day

• Trading volumes decreased by 86.10% in the last day

• Technical indicators suggest a short-term bearish outlook

Short-term view: A monumental task awaits ICP bulls in order to recoup losses

The Internet Computer price today is $7.68 with a 24-hour trading volume of $84,159,751. Internet Computer is down 7.20% in the last 24 hours. Trading volumes have declined significantly over the past amid a shortage of demand for the altcoin. The volume/market capitalization ratio, meanwhile, stands at 0.04321.

ICP is currently in the midst of an extended downtrend as the bulls have again fallen behind in the race to claim bragging rights. Internet Computer is currently trading significantly below the all-time high of $750.73 reached on May 10, 2021. Due to weakening sentiment, ICP Price is currently trading below the 20.50 SMA on the four chart hours. Support for the asset is placed at $7.60 and a breakout of this level could bring more sellers into the market. On the other hand, the resistance of the altcoin is placed at $7.80 and continued growth could take ICP Price towards the resistance at $8.

Long term vision for ICP

The asset is engulfed in a bearish cloud as the RSI for Internet Computer is currently trading at 51.70 and a move below the midpoint could cause more problems for investors. Additionally, a bearish crossover can be seen on the daily ICP chart which depicts the strong hand of the bears. The MACD line follows the signal line on the daily MACD chart, while the presence of the red histograms disturbs investors.

Conclusion

Internet Computer has been under intense selling pressure over the past few days, causing the altcoin to lose a significant portion of its value. Market sentiment regarding ICP is bearish and the altcoin is expected to continue its descent in the coming days.

Support: $7.60-$7.50

Resistance: $7.80-$8

Disclaimer

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.

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