Internet Computer Price: KPI Reconciles Under Descending Triangle Pattern

0
  • The descending triangle pattern on the daily chart of Internet Computers price has been broken and the token is consolidating below.
  • The crypto asset is trading below the daily moving average of 20, 50, 100 and 200 days.
  • The ICP/BTC pair is at 0.0002712 BTC with an intraday decline of 6.70%.

On the daily chart, the price of Internet computers is trying to accelerate its uptrend. As it fell below the descending triangle pattern, the coin is trying to gain support from the buyers. ICP bulls need to come together for the ICP to rise again. Investors in ICP should monitor the chart for any changes in direction. The ICP is currently consolidating below the descending triangle pattern and is now hesitant to gain support from the lower levels.

Internet Computer’s price is currently CMP at $5.49 and has lost 10.57% of its market capitalization in the last 24 hours. However, trading volume increased by 24% 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 0.07964.

The price of ICP coins is trying to attract more buyers in order to break the lower trendline of the declining triangle. The change in volume, which is seen below the average line, must increase for the ICP to rise above the chart. Gradually decreasing volume bars indicate that ICP is trapped inside a declining triangular pattern. ICP bulls need to step up to stage the rescue of the token and keep it hovering above the daily chart.

What do the technical indicators suggest about the KPI?

The ICP coin price initially formed a descending triangle formation, and it is currently trading below this pattern with significant downtrend momentum. Technical indicators indicate that the momentum of the ICP coin is bearish. ICP is trading in the oversold zone, according to the relative strength index. Investors in ICP can anticipate any directional movement as soon as the RSI drops below 30 while it is at 35. The downward velocity of the ICP coin can be seen in MACD. For a negative crossover, the MACD line approaches the signal line. This means that for a few trading sessions, ICP might be under intense selling pressure.

Conclusion

On the daily chart, the price of Internet Computers is trying to gain some bullish momentum. As it fell below the descending triangle pattern, the coin is trying to gain support from the buyers. ICP bulls need to come together for the ICP to rise again. Gradually decreasing volume bars indicate that ICP is trapped inside a declining triangular pattern. ICP bulls need to step up to stage the rescue of the token and keep it hovering above the daily chart. Technical indicators indicate that the momentum of the ICP coin is bearish. For a negative crossover, the MACD line approaches the signal line. This means that for a few trading sessions, ICP might be under intense selling pressure.

Technical levels

Support levels: $4.90 and 5.00%

Resistance levels: $6.00 and $6.80

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.

ALSO READ: Cardano Founder – Hoskinson on US Crypto Regulation

Latest posts by Ritika Sharma (see everything)
Share.

Comments are closed.