Surhat

Healthy and General

Internet Computer Price: ICP Going Through a Roller Coaster

2 min read
  • Internet Computer price is declining inside a descending triangle pattern over the daily chart.
  • The crypto asset fell below the 20, 50, 100, and 200 days Daily Moving Average.
  • The pair of ICP/BTC is at 0.0002233 BTC with an intraday drop of 4.54%.

Internet Computer Price is trading with a strong downtrend momentum over the daily chart. The token is trying to escape the pattern whereas bulls are not showing any sign of hope to ICP investors. ICP coin price must accumulate more buyers in order to gain strong uptrend momentum. The crypto asset falters below the 20, 50, 100, and 200-days Daily Moving Average. The token must gain steady uptrend momentum and to do so ICP bulls must sustain at the lower trendline over the daily chart.

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

ICP coin price is trading inside a descending triangle pattern over the daily price chart. The token is trying to gain uptrend momentum. However, volume change can be seen below average and needs to grow for ICP to break out of the descending triangle pattern. ICP investors need to wait for any directional change over the chart.

Support on the lower end is at $6.40 and resistance on the higher side is at $10.00.

Will ICP Escape the Descending Triangle Pattern?  

Internet Computer Price is trying to accumulate bulls to register its breakout from the descending triangle pattern. However, the accumulation is at a very low rate and should be increased in order to skip the downtrend momentum. Technical Indicators suggest a downtrend momentum of the ICP coin. Relative Strength Index showcases that ICP is moving towards the oversold territory. RSI is at 39 and ICP investors need to wait for any directional change as soon as RSI reaches 35.

MACD exhibits the downtrend momentum of the ICP coin. The MACD line is approaching the signal line for a negative crossover. 

Conclusion 

Internet Computer Price is trading with a strong downtrend momentum over the daily chart. The token is trying to escape the pattern whereas bulls are not showing any sign of hope to ICP investors. Technical Indicators suggest a downtrend momentum of the ICP coin. ICP investors need to wait for any directional change as soon as RSI reaches 35.

Technical Levels

Support Level: $6.40 

Resistance Level: $10.00 

Disclaimer 

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