Internet Computer Price: ICP Goes Through A Roller Coaster Ride, What’s The Recovery Plan?

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  • The price of Internet computers is falling inside a descending triangle on the daily chart.
  • The crypto asset fell below the daily moving average of 20, 50, 100 and 200 days.
  • The ICP/BTC pair is at 0.0002233 BTC with an intraday decline of 4.54%.

The price of Internet computers is trading with a strong downtrend on the daily chart. The token is trying to escape the pattern as the bulls show no signs of hope for ICP investors. ICP coin price needs to accumulate more buyers in order to gain strong uptrend momentum. The crypto asset falls below the daily moving average of 20, 50, 100 and 200 days. The token needs to gain steady uptrend momentum and to do that, the ICP bulls need to hold on the lower trendline on the daily chart.

Internet Computer Price is currently CMP at $6.7 and has lost 1.57% of its market capitalization in the last 24 hours. Trading volume decreased by 8.25% during the intraday trading session. This shows that the bears are trying to dominate the current make or break situation. The volume to market capitalization ratio is 0.07055.

ICP coin price is trading inside a descending triangle on the daily price chart. The token is trying to gain uptrend momentum. However, the change in volume can be observed below the average and must increase for the ICP to break out of the descending triangle pattern. ICP investors should wait for any direction change on the chart.

The lower support is at $6.40 and the upper resistance is at $10.00.

Will the ICP escape the descending triangle pattern?

Internet Computer Price is trying to build bulls to record its breakout from the descending triangle pattern. However, the accumulation is at a very low pace and should be increased in order to avoid the bearish momentum. Technical indicators suggest bearish momentum for the ICP coin. The Relative Strength Index shows that ICP is heading into oversold territory. The RSI is at 39 and ICP investors should wait for any change in direction as soon as the RSI hits 35.

MACD shows the downtrend momentum of the ICP coin. The MACD line approaches the signal line for a negative crossover.

Conclusion

The price of Internet computers is trading with a strong downtrend on the daily chart. The token is trying to escape the pattern as the bulls show no signs of hope for ICP investors. Technical indicators suggest bearish momentum for the ICP coin. ICP investors should wait for any change in direction as soon as the RSI hits 35.

Technical levels

Support Level: $6.40

Resistance Level: $10.00

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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