Can ICP Price Reclaim $10 and Above Levels?

The ICP price faced resistance from the exponential moving averages (EMAs) and was $2.96730000 with an intraday gain of 1.50%.

Internet Computer crypto surged by 0.29% in market value and surged by 52.71% in trading volume in the last 24 hours, as per coinmarketcap, a crypto data analysis website. Its market value is $1,319,6698,508 and its trading volume is $12,525,115. There are 445,203,313 ICP in circulation.

Internet Computer’s (ICP) open interest is $18.14 Million. As per Coinglass, another crypto analysis website, it rose by 3.04% in the previous session. The long versus short ratio for 24 hours is 0.8748. The total number of short positions added in the last 24 hours is $423.67 against longs of $20.47 K.

ICP Coin Price Technical Analysis in the 1-Day Timeframe

ICP price was on a downtrend for a long time showing a negative trendline on the chart. At the time of writing, ICP price was $2.96730000, consolidating in a range. Moreover, if ICP crosses the nearest resistance, it might test the trendline again. On the other hand, ICP price could face the nearest resistance levels at $4 and $5.

On the other hand, ICP price could resume its downtrend and reach the nearest support levels at $2 and $1 if it fails to hold the current level.

At the time of publishing, Internet Computer (BITFINEX: ICP) is below the 20, and 50-day EMAs (exponential moving averages) which are rejecting the ICP price trend. 

The MACD line at 0.13104041 and the signal line at 0.15104450 is below the zero line both lines are intertwined, and the histogram gap is lean in the MACD oscillator, giving consolidation traits in price.

The current value of the RSI is 38.78 points and the 14-day SMA is below the median line at 32.36 points, which indicates bearish sentiments.

The ICP did not perform well last month, it fell by 15.11% and plummeted by 38.55% in the last six months. Internet Computer (BITFINEX: ICP) has a negative year-to-date return of 24.43% and a positive one-year return of 50.87%.

Conclusion

ICP price highlights the bearish sentiments and perspectives of investors and traders regarding the ICP in the daily time frame. Internet Computer price action highlights a bearish view at the time of publishing as ICP is below the trendline resistance. Moreover, the technical parameters of the Internet Computer price suggest the continuation of the consolidation to a downtrend over the daily time frame chart. The MACD, RSI, and EMAs provide negative signals regarding the ICP price.

Technical Levels:

• Support Levels: $135 and $125.
• Resistance Levels: $150 and $160.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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