INTERNET COMPUTER price analysis: ICP price has started to fall, bulls must support it

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  • Following the dominance of the bears, the ICP price is in a pleasant uptick on the daily price chart.
  • The coin approached the 20 and 50 day moving average and now it looks like the price is going to crash.
  • The ICP/BTC pair is at 0.0003275 BTC, a gain of 0.94%.

Internet Computer’s overall mission is to transform the public Internet into a world-class computing platform. The developers position ICP as a revolutionary network, due to the fact that the blockchain is publicly available and equipped with awesome features.

After the domination of the bears, the ICP price is following a flattering uptrend on the daily price chart. The bulls find it difficult to pump the price because the bears are not ready to give up their dominance in the market. The piece needs to attract more buyers for this flattering process to continue. The ICP price is currently trading near its all-time low, so investors are a bit scared, so bulls need to take responsibility.

The current price of an ICP coin is trading at $6.99, a gain of 4.45% in its market capitalization over the past 2 hours. The coin has a trading volume of 98 million, a gain of 35.80% in the 24-hour trading session and a market capitalization of 1.7 billion. The volume market capitalization ratio for ICP is 0.05496.

Short term analysis for ICP

Looking for the short-term (4-hour) analysis, we can observe that the bears are currently dominating the price. The bears took the price down 7 in just 16 hours, this is an indication of the bulls coming to take over.

The MACD indicator indicates that the sellers are currently dominating as the seller’s signal line has approached the buyers’ line and is now about to cross below, showing bearish dominance. In support, the Relative Strength Index shows the selling pressure on the coin, which is one of the main reasons for the. The RSI value for ICP is almost equal to 55.

Conclusion

After the domination of the bears, the ICP price is following a flattering uptrend on the daily price chart. The piece needs to attract more buyers for this flattering process to continue. The trading volume is at a 35% gain which has started to decline as the price is under the influence of the bears on the hourly price chart and the technical indicators are also supporting further bearish movement.

Technical levels

Resistance levels: $8.06 and $8.85

Support levels: $6.08 and $5.02

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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