Internet Computer (ICP) crypto price is currently in a narrow consolidation zone between $2.89 and $3.04. The cryptocurrency price gained bullish momentum during the middle of June when the price started to rise from the support level of $3.65. The bullish move was halted as the price attempted several times to close above the $4.50 level but was unsuccessful.
ICP price faced strong rejection near $4.50, which induced negative sentiment in the market, and the price fell with solid momentum. The asset price broke the support level from where the bullish rally commenced, which is $3.65.
Internet computer prices retested previous levels and continued to fall. The market structure shows that the current price is indecisive, consolidating in a narrow zone. If the bulls can push the price above the resistance level of $3.04, it might rise toward the next resistance level of $3.39.
On the other hand, if the cryptocurrency price slips below the $2.89 support level, it might slide down toward $2.50 and form a new all-time low.
The market capitalization of Internet computers has decreased by 0.37% to $1,320,690,524 at the time of writing. The 24-hour trading volume has increased by 21.67%. ICP price is down 99.6% from the all-time high of $750.73.
The total value locked of ICP peaked on 31 July, rising to $7.05 Million. Since then, there has been a significant decline. Currently, the total value locked has dropped to $1.36 Million.
Will ICP Price Extend its Decline?
The cryptocurrency price has plunged below 20, 50, 100, and 200-day exponential moving averages, suggesting bearish momentum. The 20-day EMA has been acting as a resistance for the price since the decline started.
The Chaikin money flow score has dropped below the 0 mark and currently trades at -0.11 indicating weakness in the market. The relative strength index trades at 41.79 and started to rise and escape the oversold zone, indicating a rise in the participation of bulls.
The Bollinger bands have contracted, indicating a decrease in volatility. The long-short ratio is 0.81, with 44.91% longs and 55.09% shorts, implying a higher number of selling positions in the last 24 hours.
Conclusion
Internet Computer’s market structure and price action are bearish overall, but currently, the cryptocurrency price is stuck in a consolidation phase. ICP price is attempting to rise above $3.04 but has yet to be successful. The technical parameters show that there is a rise in bullish participation.
Technical Levels
Support Levels: $2.89 and $2.50
Resistance Levels: $3.39 and $3.65
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish 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.
Source: https://www.thecoinrepublic.com/2023/09/28/internet-computer-price-prediction-icp-hovers-in-a-narrow-zone/