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Internet Computer price analysis: ICP recap at the end of Week, but still looking week as per the price action 

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  • Internet computer coin looking sideways in intraday trading session after reversal to weekly low.
  • In terms of the daily price graph, the ICP coin is trading above a lower level of the Bollinger Bands indicator.
  • The ICP coin belonging to the bitcoin pair is trading at 0.0002887 satoshis, down a little over 0.5%.

Internet Computer Coin has made a new 2022 low at the $6.0 mark, as ICP Crypto attempts a recovery after noticing a Morning Star candle on the daily price graph. However, from a longer term perspective, the ICP coin has been looking weak for the past several months as it continues to move downwards by forming lower-lows formations.

In terms of the daily price graph, ICP Coin is trading above the lower levels of the Bollinger Bands indicator and is attempting a recovery towards the quasi-line (20 day moving average), which has become a strong bullish barrier since 6th April Is. ,

Traders turned out to be the most volatile trading session this week after 16-weeks, with investors losing nearly 27% of their gains at the end of the week.

Thus, the daily price candle is looking within May 13th, with a mark of $8.57 at the time of writing a bullish candle. Similarly, the market cap appears to be neutral at $1.99 billion as per CMC’s data for the last 24 hours. Moreover, the ICP coin belonging to the bitcoin pair is trading down a little over 0.5% at 0.0002887 satoshis.

ICP Coin has significant support at the $6.0 mark and resistance sits at the $10 conceptual round level. However, volatility is decreasing with lower price movements, hence the 38.9% drop in trading volume compared to the previous night.

Bears have defending zone near $10 Mark

The daily RSI indicator is showing a bearish phase for the ICP coin as it is seen in oversold territory. Above 40 mark, buyers may be aggressive for investment

Conclusion

Internet Computer Coin is struggling to move above the psychological round level of $10. There may be a bullish trend in the coming week.

Support level – $6.0 and $5.0

Resistance level – $10 and $20

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.

Steve Anderrson

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