Internet Computer token (ICP token) price is in a tight range and is consolidating between $3 – $3.40. Moreover, the price action shows lower investor interest and has faced selling pressures in the past months. ICP price is in a downtrend and has showcased range breakdown multiple times from the highs of $10. It lost more than 55% in the past months, showing the sellers’ dominance. Furthermore, the ICP token price has persisted in forming lower lows and could not reverse the trend amid the negative cues. However, the correction is close to the end, and bulls are trying for a pullback to retest the 200-day EMA near $ 4,500.
ICP token price has made a cage, and the price is near the upper neckline of $3.20, which, if it breaks, the 50-day EMA is likely to be surpassed. Furthermore, the chart shows that the slow & steady ICP price has lost the gains and has retested the round mark of $3.00 in the past sessions. Recently, Internet Computer hosted the monthly cybersecurity meetup on Oct 5th, and buying interest was again witnessed on the charts. However, buyers must smash the immediate neckline of $3.20 to regain strength. Furthermore, for a significant reversal, the trajectory hurdle of $3.50 is the make-or-break zone for the bulls to split in the following sessions.
At press time, the ICP token price was $3.116 with an intraday gain of 1.43%, showing buying interest in yesterday’s session. Moreover, the trading volume increased by 0.87% to $15.10 Million, and the pair of ICP/BTC is at 0.000112 BTC. However, the market cap of ICP token is $1.39 Billion. Furthermore, analysts maintained a neutral rating and suggested underperformance for the upcoming sessions.
Will ICP Regain Strength Above 50 Day EMA?
On the daily charts, the ICP token price is at the 20-day EMA and shows narrow-range consolidation moves. Furthermore, the ICP token is trying to regain strength, trading below the 38.2% Fib zone and is close to the lower Bollinger band, showing a downtrend. However, the bulls have managed the gains and held the trajectory of $3.00, showing the consolidation in the past sessions.
The RSI curve is near neutrality and shows a positive crossover, indicating that buyers are looking for a significant reversal, having smashed the 20-day EMA.
The MACD indicator showed a bullish crossover and green bars on the histogram, suggesting a reversal is imminent..
Summary
ICP token price was consolidating in a narrow range and is trading close to the 20-day EMA, indicating buying interest in the past sessions. The bulls are looking for a reversal to retest the 200-day EMA near $4.20.
Furthermore, the correction has ended; bulls hold the trajectory lows of $3.00, initiated a recovery and are close to the upper neckline of the cage, near $3.30.
Technical Levels
Support Levels: $3.00 and $2.50
Resistance Levels: $3.40 and $4.00
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks 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.
Source: https://www.thecoinrepublic.com/2023/10/07/icp-price-prediction-icp-stays-in-range-will-bulls-surpass-4/