Internet Computer Price: ICP tries to maintain its position inside this interesting model, know where it is

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  • Internet Computer price just broke down from the descending triangle pattern on the daily chart.
  • The crypto asset is trading below the daily moving average of 20, 50, 100 and 200 days.
  • The ICP/BTC pair is at 0.0002085 BTC with an intraday decline of 1.12%.

Internet Computer price is trying to gain bullish momentum on the daily chart. The token is trying to build up support from buyers as it has fallen below the descending triangle pattern. ICP bulls need to pile up to let the ICP resurface. ICP investors should wait for any direction change on the chart.

Internet Computer’s price is currently CMP at $6.07 and has lost 3.34% of its market capitalization in the last 24 hours. However, trading volume increased by 16% during the intraday trading session. This shows that buyers are still there for the ICP coin rescue. However, the accumulation rate is low and needs to be increased during the intraday trading session. The volume to market capitalization ratio is 0.0669.

ICP coin price is trying to accumulate more buyers to break out of the lower trendline of the descending triangle. However, the change in volume can be seen below the average line and must increase for the ICP to break above the chart. Gradually descending volume bars show that the ICP is trapped inside a descending triangular pattern. ICP bulls need to show up to plan the rescue of the token and let the token fly over the daily chart.

This technical indicator signals a decline for ICP

ICP coin price initially followed a descending triangle pattern and today it is trading below with a strong downtrend. The technical indicators suggest the bearish momentum of the ICP coin. The relative strength index shows that ICP is trading towards the oversold territory. The RSI is at 35 and ICP investors can expect any change in direction as soon as the RSI drops below 30. MACD shows the downtrend momentum of the ICP coin. The MACD line approaches the signal line for a negative crossover. This means that ICP may experience rigorous selling pressure for a few trading sessions.

Conclusion

Internet Computer price is trying to gain bullish momentum on the daily chart. The token is trying to build up support from buyers as it has fallen below the descending triangle pattern. ICP coin price initially followed a descending triangle pattern and today it is trading below with a strong downtrend. The technical indicators suggest the bearish momentum of the ICP coin. The RSI is at 35 and ICP investors can expect any change in direction as soon as the RSI drops below 30.

Technical levels

Support levels: $5.50 and $4.00

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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