Internet Computer Price: ICP Crypto Consolidates after an Interesting Roller-Coaster Ride

• Internet Computer price has been consolidating since it left below the descending triangle pattern.
• ICP crypto is trying to sustain at 20 EMA and is way behind 50, 100 and 200-days Daily Moving Average.
• The pair of ICP/BTC is at 0.0002829 BTC with an intraday gain of 2.01%.

On the daily chart, the price of Internet computers is attempting to gain uptrend momentum. The coin is attempting to gather buyers’ support as it has dropped below the falling triangle pattern. The token went into a horizontal range-bound area just after falling from the descending triangle pattern and is now trying to surge towards the upper range. ICP bulls must gather themselves before ICP can increase once more. Investors in ICP must watch the chart for any directional changes. ICP must attract a significant number of buyers in order to register its breakout from the consolidation phase. However, to execute the recovery plan ICP bulls need to first track the movement of Bitcoin,  the traditional cryptocurrency as it influences all other altcoins and BTC is currently faltering at $19000 level to break out of the $20000 level.

Potential of ICP: According to some sources and analysts from Digital Currency Domain, believe that the estimated price of ICP coin could reach at $20.5 by the end of 2022, could increase to $23.2 upto 2023, surge up to $30 in 2025 and mark bull’s eye at $72 in 2027.

The market capitalization of Internet Computer Protocol, which is currently trading at $5.68 CMP, has increased by 0.56% during the past 24 hours. The intraday trading session saw a 47.55% increase in trading volume. This demonstrates that there are still purchasers available to save ICP currency. The rate of accumulation must be accelerated during the intraday trading session because it is currently low. The volume to market cap ratio is 0.05389.

ICP coin price is trying to accumulate buyers to escape the consolidation phase. The token at first fell from the descending triangle pattern as it was trading under full control of sellers and then after breaking down from the falling pattern. ICP went into a horizontal range-bound area and the token now falters to gain either of the steady momentum. Meanwhile, ICP has been consolidating inside the range of $4.90 and $6.40. Gradually declining volume signifies the ICP token’s falling pattern over the daily price chart.

When will ICP surge from the consolidation Phase?

ICP coin price is trying to escape the consolidation phase over the daily price chart. However, the accumulation must be increased to let ICP sustain at the verge of the horizontal range-bound area. Technical indicators suggest the uptrend momentum of ICP inside the consolidation phase. 

Relative Strength Index showcases the uptrend momentum of ICP coin. RSI is at 45 and is heading towards neutrality. MACD exhibits the uptrend momentum of ICP coin. The MACD line is ahead of the signal line and is heading towards 0 to enter the positive zone. ICP investors need to wait until ICP bulls sustain at the current level and let the token breakout of the consolidation phase. 

Conclusion

On the daily chart, the price of Internet computers is attempting to gain uptrend momentum. The coin is attempting to gather buyers’ support as it has dropped below the falling triangle pattern. The token went into a horizontal range-bound area just after falling from the descending triangle pattern and is now trying to surge towards the upper range. ICP bulls must gather themselves before ICP can increase once more. Investors in ICP must watch the chart for any directional changes. Meanwhile, ICP has been consolidating inside the range of $4.90 and $6.40. Gradually declining volume signifies the ICP token’s falling pattern over the daily price chart. Technical indicators suggest the uptrend momentum of ICP inside the consolidation phase. ICP investors need to wait until ICP bulls sustain at the current level and let the token breakout of the consolidation phase. 

Technical Levels

Support Levels: $4.90 and $5.50

Resistance Levels: $6.40 and $6.85

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.    

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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