Internet Computer Price Analysis: ICP Tries To Regain And Maintain Its Dignity

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  • The price of Internet Computers is trying to move higher through an upward parallel channel pattern on the daily chart.
  • ICP crypto has recovered above 20 and 50 EMA and is still behind the 100 and 200 day daily moving average.
  • The ICP/BTC pair is at 0.0003566 BTC with an intraday decline of 1.15%.

Internet Computer price is trying to build uptrend momentum on the daily chart. Since the price of the coin has fallen below the falling triangle pattern, it is currently trying to attract buyers. Just after exiting the descending triangle pattern, the token entered a region bounded by a horizontal range and is currently attempting to move towards the upper range. Before the ICP can rise again, the ICP bulls must rally. ICP investors should keep an eye on the chart for any trend changes. ICP must attract a significant number of buyers in order to officially exit the parallel channel. However, the token needs to maintain the momentum of the uptrend to cross the parallel channel on the daily chart.

The market value of Internet Computer Pricing, currently trading at $8.23, was down 1.50% from the previous day. During the intraday trading session, the trading volume decreased by 50.65%. This demonstrates that there are still people willing to buy ICP silver. The pace of accumulation needs to be accelerated throughout the intraday trading session as it is currently low. The market capitalization to volume ratio is 0.0262.

For the price of the ICP currency to approach the upper trendline of the ascending channel, further buying is required. If the ICP is to rise, it must reinforce the accumulation of bulls, which the change in volume reveals to be below average. For ICP coin price to start showing signs of recovery on the daily price chart, a push towards the upper trendline is needed.

What do the technical indicators suggest about the KPI?

The technical indicators show the momentum of the downtrend of the ICP inside the parallel channel. The Relative Strength Index predicts the momentum of the downtrend of the ICP coin. The RSI is at 60 and heading towards neutrality. MACD shows the downtrend momentum of the ICP coin. The MACD line is heading towards the signal line for a negative crossover. ICP investors should wait for the bulls to provide support for the token to cross the channel.

Technical levels

Support levels: $7.80 and $7.50

Resistance levels: $8.75 and $9.50

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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