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As per Internet Computer price prediction, the coin price trying to sustain at support. - 2
The coin’s price decreased by 1.84% over the last 24 hours. - 3
The price of Internet Computer coin is trading at $4.067 and the 52-week range is $3.340 – $7.197.
ICP coin is the token that powers the Internet Computer, a blockchain project that aims to build a decentralized and scalable platform for web services and applications. ICP coin has three main roles: it lets users have a say in how the network runs, it covers the expenses of running applications on the network, and it rewards the data centers that host the network. ICP coin has a maximum supply of 469 Million tokens and is an ERC-20 token on the Ethereum blockchain.
Internet Computer (ICP) has a potential market cap of $1,907,342,276, which is calculated by assuming that all 470 Million ICP tokens are already in circulation. However, this may not be the case, as the emission schedule of ICP tokens may determine how long it takes to reach this value.
As per Coinmarketcap, Internet Computer crypto plummeted by 1.56% in market value and by 16.10% in trading volume in the last 24 hours. Its market value is $1,786,658,508 and its trading volume is $15,973,257. There are 439,338,810 ICP in circulation.
Internet Computer coin’s (ICP) open interest is $18.97 Million. As per Coinglass, another crypto analysis website, it fell by 4.08% in the previous session. The long versus short ratio for 24 hours is 0.8605. The total number of short positions added in the last 24 hours is $204.65 against longs of $67.22K.
Internet Computer Price Technical Analysis in the 1-Day Timeframe
ICP coin price has been on an upward trend for the past three months, increasing by 52.47% during this period. At the time of publication, ICP Price is trading at $ 4.067 and has been trying to sustain at support of $3.974.
Therefore, the ICP coin price could continue to move downwards and reach the first and second targets of $3.974 and $3.390 if it fails to maintain the current level. However, if the ICP price sustains the current level and rises, then it might hit the nearest resistance levels of $4.896 and $5.649.
At the time of publishing, the ICP coin price (BITFINEX: ICP) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages), which are rejecting the ICP Coin price trend. Hence, Internet Computer price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price.
The MACD line at 0.00272 and the signal line at 0.00133 is above the zero line and a bearish crossover is anticipated next, suggesting bearish signals. The current value of RSI is 44.42 points and the 14-day SMA is at the median line at 50.30 points, which indicates a downward direction and bearish sentiments in the market for the ICP coin.
Conclusion
Internet Computer price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the Internet Computer coin in the daily time frame. Internet Computer price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of Internet Computer prices suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, provide negative signals regarding Internet Computer coin prices.
Technical Levels:
- Support levels: The nearest support levels are $3.974 and $3.390.
- Resistance levels: The nearest resistance levels are $4.896 and $5.649.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/03/internet-computer-price-prediction-2023-will-icp-fall-or-rise/