- Internet Computer price is trading towards the lower trendline of the ascending parallel channel over the daily chart.
- ICP crypto is trading above 20 and 50 EMA and is still below 100 and 200-days Daily Moving Average.
- The pair of ICP/BTC is at 0.0003411 BTC with an intraday gain of 0.05%.
On the daily chart, the price of Internet computers is attempting to develop an uptrend. The coin is currently attempting to draw buyers because its price has dropped below the level indicated by the falling triangle pattern. The token reached a horizontal range-bound region shortly after exiting the descending triangle pattern and is currently making an attempt to surge into the upper range. ICP bulls must assemble before ICP may rise once more. Investors in ICP should monitor the chart for any shifts in trend. To formally escape the parallel channel, ICP must attract a sufficient number of buyers. To break over the parallel channel on the daily chart, the token must keep its upward pace. The current momentum of ICP crypto is downward as the token is trading towards the lower trendline of the channel.
ICP market value, which is currently trading at $8.11, has dropped by 3.68% from the day before. The transaction volume declined by 29.43% during the intraday trading session. This shows that short sellers have ICP cryptocurrency in their grip on the daily chart. The market capitalization to volume ratio is 0.03582.
Further purchases are required to get the price of the ICP currency any closer to the top trendline of the rising channel. To increase the accumulation of bulls, which the volume shift suggests to be below average, is necessary for ICP to climb. A spike in the direction of the upper trendline is necessary for the ICP coin price to begin displaying signs of recovery on the daily price chart.
What do Technical Indicators suggest about ICP?
The momentum of the ICP downturn is reflected by technical indicators inside the parallel channel. The Relative Strength Index predicted the ICP coin’s downward trajectory. At 56, the RSI is moving in the direction of neutrality. The ICP coin’s decline momentum is visible in MACD. After a negative crossover, the MACD line is lower than the signal line. Investors in ICP must wait for bulls to back the token so it can break through the channel.
Conclusion
On the daily chart, the price of Internet computers is attempting to develop an uptrend. The coin is currently attempting to draw buyers because its price has dropped below the level indicated by the falling triangle pattern. The token reached a horizontal range-bound region shortly after exiting the descending triangle pattern and is currently making an attempt to surge into the upper range. ICP bulls must assemble before ICP may rise once more. Investors in ICP should monitor the chart for any shifts in trend. A spike in the direction of the upper trendline is necessary for the ICP coin price to begin displaying signs of recovery on the daily price chart. After a negative crossover, the MACD line is lower than the signal line. Investors in ICP must wait for bulls to back the token so it can break through the channel.
Technical Levels
Support Levels: $7.60 and $7.30
Resistance Levels: $8.75 and $9.50
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.
Source: https://www.thecoinrepublic.com/2022/08/12/internet-computer-price-analysis-icp-trading-inside-an-ascending-channel-whats-next/