Internet Computer Price Analysis: ICP Crypto Is On Track To Follow Bear Orders, But For How Long?

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  • The Internet computer is down 16.6% so far this week.
  • Despite the decline in the crypto market, the market capitalization of the ICP coin is green by 4% in the last 24 hours.
  • The ICP price remains below the major moving averages such as 20, 50, 100 and 200.

The Internet Computer coin failed to meet buyers’ expectations last night. During the accumulation below the ascending parallel channel (below the chart), traders enjoyed a roller coaster ride but recently supported undervalued prices below this channel.

At the time of writing, the ICP coin is trading at $6.6 Mark with little recovery in the intraday trading session. Buyers have to wait for the weekly price close to continue their move. Meanwhile, the $6.0 level has a previous low, so buyers can accumulate coins in this area.

Buyers got rejection near the 20-day moving average on the weekly price scale. Therefore, the bears continue to sell coins and prices have been falling for the past three weeks. Likewise, Internet Computer is down 16.6% so far this week.

Further bear activity may take a break after seeing the altcoin green. As a result, the market capitalization is 3.8% higher at $1.69 million in the past 24 hours. However, the trading volume seems to be neutral, for any sudden movement. Additionally, the ICP coin regarding the Bitcoin pair is up 6.8% at 0.0003118 Satoshis.

Today’s recovery may influence buyers

Important moving averages such as 20, 50, 100 and 200 remain above the current ICP coin price. Now, 50-DMA acted as the most immediate resistance for buyers. Conversely, the RSI indicator is correcting from the 35 level, indicating a minor uptrend.

Conclusion

The Internet Computer (ICP) coin appears to be slightly bullish today, which means that the bulls have the potential to reverse the downtrend. Now, buyers need to hold the price above the $6.0 support level to protect themselves from overbuying.

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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