Internet Computer Price Analysis: ICP Jumps to $6.0, Will It Rebound Here?

0
  • Internet Computer Coin (ICP) is trading above the $6.0 support level.
  • The essential moving average remains above the current ICP price.
  • The daily RSI sits just above the overbought zone.

If you have seen this, the Internet Computer Coin (ICO) price prediction seems to be sideways. The ICP fell below an uptrend last week. Investors have had a rollercoaster ride on the buildups below the parallel ascending channel (bottom of the chart), but value has recently slipped below this channel.

The weekly price chart demonstrates bear dominance over the ICP cryptocurrency, following which it fell 3.26% this week. As of this writing, the ICP coin is trading slightly lower at $6.24 during the intraday trading session. Investors should wait until the weekly price closes.

The $6.0 level is the previous low, so buyers are accumulating ICP coins above this zone. This area has been supplying pumps to buyers for seven days. If in any case the buyers lose this zone, it will not be easy for the bulls to regain their dominance. Bitcoin is falling, so with the BTC ICP coin pair down 3.8% at 0.0002907 satoshis.

Meanwhile, the market capitalization of the ICP coin fell by 4.8% to $1.59 billion in the past 24 hours. Trading volume has been neutral for several days, hence the sideways movement. The required moving average in terms of the daily price scale remains above the current ICP price.

RSI shows more downtrend for the next few days

During the daily price chart, the RSI sits just above the high oversold zone. Similarly, the MACD indicator moves below the neutral zone.

Conclusion

The Internet Computer Coin (ICP) is showing a no-trade zone after sliding from the ascending parallel channel. Altcoins are trading below major moving averages, so any rally may encounter resistance.

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.

Share.

Comments are closed.