Internet Computer Price Analysis: Approaching CPI Bounce Could Push Price Towards $10 Round Level

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  • The price of the Internet computer part has dropped in recent days.
  • The Stoch RSI indicator remains in the oversold territory on the daily price chart.
  • The ICP coin belonging to the bitcoin pair is trading down 1.6% at 0.0003041 satoshis.

The Internet Computer Coin made a big push to recover its lost capitalization in June. However, the ICP token started following bearish orders again early last week. The bulls saw the last low of 2022 in June, where the price action shows a downward recovery.

The last 2022 low of $4.6 acted as an important hedging zone for the buyers. On the other hand, the 45-day high – $7.8 acts as an immediate resistance level for the buyers. Meanwhile, Internet Computer Coin is trading at $6.4 at the time of writing.

The Internet Computer coin is trading at $6.44 at the time of writing. Midway through the downtrend, buyers saw an accumulation near the $6.0 immediate support level. Over the past few days, ICP price has recovered twice the $6.0 support level. In fact, price action may show another double bottom pattern.

ICP Coin’s market capitalization increased by 2% to $1.6 billion in the past 24 hours, according to data from CMC. Meanwhile, trading volumes seem low, this could be the reason for the drop as there are not enough buyers to deposit coins. Additionally, the ICP coin belonging to the bitcoin pair is trading down 1.6% at 0.0003041 satoshis.

ICP coin trading within a tight range

In terms of daily price range, Internet Computer is trading in a narrow range according to the Bollinger Bands indicator. Buyers recently reversed near the lower band of the BB indicator, so further upside is likely.

The Stoch RSI indicator remains in the oversold territory on the daily price chart.

Conclusion

The Internet Computer coin is fluctuating in a tight range, suggesting that there are no new long/short positions. However, the Stoch RSI is in the oversold territory, so any bounce in the indicator could propel the ICP price.

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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