ICP Price Analysis: Internet Computer Price Action Leaves Bulls in a Speck of Dust

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• ICP/USD is currently priced at $7.44 and has fallen 3.78% over the past day

• Trading volumes increased by 2.44% over the past day

• Technical indicators suggest a hawkish near-term outlook

Short-term view: ICP bulls are in trouble

The price of Internet computers today is $7.44 with a 24-hour trading volume of $75,247,176. Internet Computer is down 3.78% in the last 24 hours. Trading volumes have increased slightly over the past day as the volume to market cap ratio stands at 0.03964 for the altcoin.

Internet Computer Coin price analysis is negative as sellers have increased pressure on the asset. The ICP price trading below the 20.50 SMA on the four-hour chart is indicative of the bearish trend at play in the market. It is possible for the ICP price to break below the $7.40 support level during the recently uncovered decline as the technical indicators are pointing in that direction. On the other hand, resistance should be encountered around the $7.50 mark, while a drop below this level will halt the uptrend. The next few days will give us a glimpse of how the coin will evolve in the future.

Long term vision for ICP

Internet Computer has been under intense selling pressure over the past few days and now appears to have succumbed to the downside pressure with the RSI falling to 45.19. On the other hand, the red histograms continue to increase in size on the daily MACD chart, with the MACD and signal lines rapidly tumbling towards negative territory. The size also continued to widen between the MACD and the signal lines, complementing the efforts of the short-term bears.

Conclusion

ICP is currently reeling from intense selling pressure as the sudden price decline that has recently accelerated looks set to produce more downward fireworks. Therefore, we can expect the price of internet computers to continue to drop in the coming days.

Support: $7.40

Resistance: $7.50

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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