Internet Computer Prices: ICP Crypto Consolidates After Interesting Roller Coaster Ride

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  • Internet Computer price has consolidated since remaining below the descending triangle.
  • ICP crypto is trying to hold at 20 EMA and is far behind the 50, 100 and 200 day daily moving average.
  • The ICP/BTC pair is at 0.0002829 BTC with an intraday gain of 2.01%.

On the daily chart, the price of Internet computers is trying to accelerate its uptrend. The coin is trying to garner support from the buyers as it has fallen below the descending triangle pattern. The token entered a bounded horizontal area just after falling from the descending triangle and is now trying to move towards the upper range. ICP bulls must rally before the ICP can rise again. Investors in ICP should monitor the chart for any changes in direction. ICP must attract a significant number of buyers in order to register its exit from the consolidation phase. However, to execute the stimulus, the ICP bulls must first follow the move of Bitcoin, the traditional cryptocurrency as it influences all other altcoins and BTC is currently teetering at the $19,000 level to break out of the 20 level $000.

PKI potential: According to some sources and Digital Currency Domain analysts estimate that the estimated price of ICP coin may reach $20.5 by the end of 2022, may increase to $23.2 by 2023, climb up to 30 $ in 2025 and mark the milestone at $72 in 2027. .

The market capitalization of Internet Computer Protocol, which currently trades at $5.68 CMP, has increased by 0.56% in the past 24 hours. The intraday trading session saw a 47.55% increase in trading volume. This demonstrates that there are still buyers available to save ICP currency. The pace of accumulation needs to be accelerated in the intraday trading session as it is currently low. The volume to market capitalization ratio is 0.05389.

The price of ICP coins is trying to accumulate buyers to escape the consolidation phase. The token first fell from the descending triangle pattern as it was trading under full control of the sellers and then after breaking down from the descending pattern. ICP has entered a bounded horizontal zone and the token is now weakening to gain either steady momentum. Meanwhile, ICP consolidated in the range of $4.90 and $6.40. The gradual decline in volume signifies the downward trend of the ICP token on the daily price chart.

When will ICP exit the consolidation phase?

ICP coin price is trying to break out of the consolidation phase on the daily price chart. However, the accumulation must be increased to allow the ICP to stay at the edge of the bounded horizontal area. Technical indicators suggest the bullish momentum of ICP in the consolidation phase.

The Relative Strength Index shows the bullish momentum of the ICP coin. The RSI is at 45 and heading towards neutrality. MACD shows the uptrend momentum of the ICP coin. The MACD line is ahead of the signal line and heading towards 0 to enter the positive zone. PCI investors should wait for the CPI bulls to hold at the current level and let the token breakout of the consolidation phase.

Conclusion

On the daily chart, the price of Internet computers is trying to accelerate its uptrend. The coin is trying to garner support from the buyers as it has fallen below the descending triangle pattern. The token entered a bounded horizontal area just after falling from the descending triangle and is now trying to move towards the upper range. ICP bulls must rally before the ICP can rise again. Investors in ICP should monitor the chart for any changes in direction. Meanwhile, ICP consolidated in the range of $4.90 and $6.40. The gradual decline in volume signifies the downward trend of the ICP token on the daily price chart. Technical indicators suggest the bullish momentum of ICP in the consolidation phase. ICP investors should wait for ICP bulls to hold at the current level and let the token breakout of the consolidation phase.

Technical levels

Support levels: $4.90 and $5.50

Resistance levels: $6.40 and $6.85

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.

Nancy J. Allen
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