Surhat

Healthy and General

Internet Computer Price: ICP Trying to Retain its Position

2 min read
  • Internet Computer Price just broke down from the descending triangle pattern over the daily chart.
  • The crypto asset is trading below 20, 50, 100, and 200-days Daily Moving Average.
  • The pair of ICP/BTC is at 0.0002085 BTC with an intraday drop of 1.12%.

Internet Computer price is trying to gain uptrend momentum over the daily chart. The token is trying to accumulate support from the buyers as it has fallen below the descending triangle pattern. ICP bulls must accumulate themselves to let ICP surge again. ICP investors need to wait for any directional change over the chart. 

Internet Computer’s price is presently CMP at $6.07 and has lost 3.34% of its market capitalization in the last 24-hour period. However, trading volume has increased by 16% in the intraday trading session. This shows that buyers are still present for the rescue of the ICP coins. However, the rate of accumulation is low and must be increased during the intraday trading session. The volume to market cap ratio is 0.0669.

ICP coin price is trying to accumulate more buyers to break out of the lower trendline of the descending triangle pattern. However, volume change can be seen below the average line and needs to grow for ICP to surge over the chart. Gradually falling volume bars show that ICP is trapped inside a descending triangle pattern. ICP bulls must come forward to plan rescue of the token and let the token surge over the daily chart.

This Technical Indicator Signals Bearish for ICP 

ICP coin price at first went into a descending triangle pattern and today it is trading below it with a strong downtrend momentum. Technical indicators suggest the bearish momentum of the ICP coin. The relative Strength Index showcases ICP is trading towards the oversold territory. RSI is at 35 and ICP investors can expect any directional change as soon as RSI dips below 30. MACD exhibits the downtrend momentum of the ICP coin. The MACD line is approaching the signal line for a negative crossover. This signifies that ICP may experience rigorous selling pressure for a few trading sessions. 

Conclusion 

Internet Computer price is trying to gain uptrend momentum over the daily chart. The token is trying to accumulate support from the buyers as it has fallen below the descending triangle pattern. ICP coin price at first went into a descending triangle pattern and today it is trading below it with a strong downtrend momentum. Technical indicators suggest the bearish momentum of the ICP coin. RSI is at 35 and ICP investors can expect any directional change as soon as RSI dips below 30.

Technical Levels

Support Levels: $5.50 and $4.00

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.