Internet Computer Price Analysis: ICP heading towards its latest 52 week low, how long will this downtrend last?

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  • Internet computer prices once again headed for historic lows during a scary downtrend.
  • ICP Coin is attempting to bounce near the lower boundary of the Bollinger Bands indicator on the daily price chart.
  • The RSI indicator shows a slight recovery for the ICP coin as it remains at the 40 point high.

The internet computer coin is once again heading for a 52-week low of $6.0. Last week, the candlestick represented the tombstone doji candle, and the altcoin price broke this weekly low, so the ICP coin could drop to $6.0 before giving a trend reversal signal .

Although ICP investors are struggling against a strong sell-off, this downtrend is the last chance for buyers to regain their dominance over ICP coins. On the other hand, we can expect a scary bloodbath if the ICP breaks its latest 52-week low.

Meanwhile, the ICP coin is trading at $6.7 Mark at the time of writing, with a decline of over 8.5% this week. Now, bulls need to hold the ICP price above the support level to defend.

Recently, the bulls have become aggressive for a sell near the upper band of the Bollinger Bands indicator. During a downtrend, ICP Coin attempts to bounce near the lower boundary of the Bollinger Bands indicator on the daily price chart.

Similarly, ICP Coin’s market cap is down $2 billion, so if it hit $1.5 billion, down 1.2% according to CMC data for the past 24 hours. Additionally, the ICP coin with the bitcoin pair is trading at 0.000219 satoshis, down just over 1.2%.

ADX continues to fall

The RSI indicator shows a slight recovery for ICP Coin as it remains at a high of 40 points on the daily price chart. But on the other hand, the ADX has dropped dramatically.

Conclusion

The Internet Computer token now has an important resistance level at the $10 mark, so the bulls continue to face rejection near this area. We can expect a terrible bloodbath if the ICP breaks its latest 52-week low.

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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