Internet Computer Price Analysis: ICP fell 32% in August, will it recover next month?

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  • Internet Computer Coin (ICP) continues to fall during an intraday trading session.
  • Buyers were rejected near the 50-day moving average on the 4-hour price scale.
  • The BTC-linked ICP crypto pair is up 5.7% at 0.0003051 Satoshis.

The Internet Computer Coin (ICP) just breached its sideways trading limit and rallied quickly last night. The ICP rose last week, with a weekly low of $5.6 recorded. When collecting below the ascending parallel channel (bottom of the chart), the buyers had a rollercoaster ride, but prices just fell below this channel.

The weekly ICP cryptocurrency price chart demonstrates bear dominance, culminating in a 5.5% loss this week. ICP Coin is now trading slightly lower in the intraday trading session at $6.11. Buyers were particularly pleased with yesterday’s surge.

After last night’s gains, the bulls placed their immediate buy orders at $6.0, on the other hand, the bears were already at the resistance level of $6.6. If BTC is trading below $21,000, this horizontal sideways ICP volatility could occur next week. Meanwhile, buyers received rejection near the 50-day moving average on the 4-hour price scale.

Meanwhile, ICP Coin’s market capitalization increased by 4.25% to $1.55 billion, according to data from CMC over the past 24 hours. With the rapid increase, the trading volume increased by 33% compared to the previous night. Additionally, the BTC-linked ICP crypto pair is up 5.7% at 0.0003051 Satoshis.

Buyers have immediate support at the $6.0 level

The daily RSI indicator moved above the previous high, but gives a slight downside for the weekend. Also, the MACD continues to slide below the neutral zone in terms of the daily price scale.

Conclusion

The Internet Computer Coin (ICP) needs to fluctuate above the $6.0 mark to ignore another downside. Additionally, the bears are already at the $6.6 resistance level, with ICP Coin likely to struggle at this level.

Technical levels

Support levels – $6.0 and $5.0

Resistance level – $7.0 and $10

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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