The overall trend for Internet computer coin is still bearish. However, the price obtained significant demand from the $21.31 mark, suggesting a new recovery rally. The price is currently retracing to retest the flipped support of $32. Sustaining this level, the coin will continue to march upward.
Source-Tradingview
Past Performance in ICP coin chart
During the last quarter of 2021, the Internet computer coin struggled hard to sustain above the $39.5 support. However, on December 3rd, the bears finally breached crucial support, resulting in extended price correction.
From the breakdown point, the coin price lost more than 43% and plunged to $21.31. The crypto investors indicated a good interest in this discount price, resulting in a sudden price recovery.
The $39.5 Mark Stand As Crucial Resistance For Internet Computer Price
Source- Tradingview
The new rally in ICP coin price has managed to reclaim two significant resistance levels, $28.2 and $32.2. This pair is now trading at $34.17, projecting a 60% gain from the bottom support. The price has recently breached the $32.3 level, and therefore the crypto traders can expect a retest phase, prodigy a good entry opportunity to go long.
As mentioned above, the $39.5 was an important support level for these coin buyers. However, now the tables have turned, and the upcoming rally could experience strong rejection from this flipped resistance.
The 24hr volume change is $1.24 Billion by the press time, indicating a 36.2% hike. According to Coinmarketcap, the coin stands at 30th rank with its current market cap of $6.1 Billion(+1.
Technical Indicators-
-Compared to the coin’s price action, the daily-RSI(63) line showed a superior recovery from its oversold region, indicating rising strength of the coin buyers
-The coin is still under a bearish trend, with the ICP price trading below the daily-100 and 200 EMA. However, the new rally has recovered the 20 and 50 EMA lines.
Important price action levels are;
Resistance: $33.6 $48.6
support:$32.4, $28.7
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/icp-price-analysis-internet-computer-coin-initiates-recovery-rally/