Internet Computer Price Analysis: A Hidden Bullish Pattern Trap for ICP Bulls?

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  • The Internet Computer coin shows upside potential as it shows a double bottom pattern.
  • The ICP price revisits the neckline of the bullish pattern, is this a sell signal?
  • Following an uptrend, the ICP price is down 7.6% this week. ,

The June decline created buying opportunities for computer investors on the Internet. Despite the minor retracements occurring nowadays, the ICP coin is showing an upward trend. Meanwhile, the price action is forming low high patterns throughout the daily price chart, where buyers are buying every slight dip.

Recently, buyers saw a 2022 low at $4.6. Later, the price action drew a double bottom formation near a 90-day low. Meanwhile, the altcoin price remains above the neckline – the $6.5 mark while the bulls barely try to hold the price above this area. In the middle of the uptrend, the ICO price is at a 30-day high of $7.8.

Internet Computer Coin is currently trending lower while the price is trading at $6.7 at the time of writing. Buyers need to hold Altcoin price above recent support at $6.5 for a bigger rally.

The ICP price is down 7.2% this week. According to CMC, during the retracement phase, the market capitalization of Internet Computer Coin against USDT decreased by 8% in the past 24 hours to $1.6 billion. Similarly, the price of the ICP/BTC pair is down 6.5% at 0.0002934 Satoshis.

ICP price supports above the 20-day moving average

On the daily price chart, the Stoch RSI is moving lower from the overbought zone with a double top formation. Similarly, the cash flow index shows a slight downward trend.

Additionally, the ICP price opposed the upper band of the Bollinger Bands indicator. Now the altcoin price is showing above the middle band of the lower indicator.

Conclusion

The price of the Internet Computer Coin is well above the middle band of the Bollinger Bands indicator on the daily price scale. The buyers can push the ICP price higher towards the $10 conceptual level if it manages to manage the support level.

Technical levels

Support level – $6.0 and $5.0

Resistance level – $10 and $20

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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