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Internet Computer Price Analysis: Is Hidden Bullish Pattern

2 min read
  • The Internet Computer coin shows upside potential as it shows a double bottom pattern.
  • ICP price revisits the neckline of the bullish pattern, is it a sell signal?
  • Following a bullish trend, the ICP price has declined by 7.6% this week. ,

June’s decline created buying opportunities for Internet computer investors. Despite the minor retracement phases that are happening nowadays, the ICP coin is showing an uptrend. Meanwhile, price action forms high low patterns throughout the daily price graph, where buyers buy each slight decline.

Recently, buyers registered a 2022 low at the $4.6 mark. Later, the price action attracted a double bottom formation near a 90-day low. Meanwhile, the altcoin price remains above the neckline- the $6.5 mark while the bulls barely try to keep the price above this zone. Amidst the uptrend, the ICO price is at a 30-day high of $7.8 mark.

Internet Computer Coin is currently trending low while the price is trading at the $6.7 mark at the time of writing. Buyers need to hold Altcoin’s price above the recent support at $6.5 for a more rally.

ICP price is down $7.2% this week. According to CMC, during the retracement phase, the market cap of Internet Computer Coin against USDT declined 8% over the past 24 hours to $1.6 billion. Similarly, the price of the ICP/BTC pair is down 6.5% at 0.0002934 Satoshis.

ICP Price is Supporting Above the 20-day Moving Average 

On the daily price graph, the Stoch RSI is moving downwards from the overbought zone with a double top formation. Similarly, Money Flow Index shows a slight downtrend.

Furthermore, the ICP price opposed the upper band of the Bollinger Bands indicator. Now the altcoin price is showing above the middle band of the lower indicator.

Conclusion

Internet Computer Coin Price is well above the middle band of the Bollinger Bands indicator on the daily price scale. Buyers can push the ICP price higher towards the $10 conceptual round level if it manages to manage the support level.

Technical Levels

Support level – $6.0 and $5.0

Resistance level – $10 and $20

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.