•ICP/USD is currently priced at $7.74 and has decreased by 1.18% over the past day
•The trading volumes have increased by 18.20% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Internet Computer is unable to come to terms with intense selling pressure
The Internet Computer price today is $7.74 USD with a 24-hour trading volume of $72,925,589 USD. Internet Computer is down 1.18% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.03691 for the altcoin.
The sell-off that has taken hold over the market has taken ICP prices below the key support level at $8 which will act as resistance in the near term. This has also coincided with an increase in trading volume activity, all of which has resulted in the bears taking a lead in the market. This is depicted by the Internet Computer price currently transacting below the 20,50 SMA on the four-hour chart. The continuation of the downtrend will take ICP Price below the support level placed at $7.60 which will act as a significant hurdle for the bulls to overcome.
Long Term View for Internet Computer
The RSI indicator for ICP is currently transacting at 51.90 and is showing signs of bearish divergence as it starts to move lower from the highs seen last week. On the other hand, the red histograms are increasing rapidly in size on the daily MACD chart, as the momentum has turned bearish in the bears’ favor. Moreover, the MACD line is trailing the signal line on the daily chart as they both continue to descend towards the negative territory rapidly.
Conclusion
The Internet Computer price analysis is extremely bearish in the near term as is demonstrated by most of the technical indicators. The RSI is dipping down, MACD is negative with accumulated selling volume and the strength of the rally is pretty weak. Hence, we can expect the downtrend to continue in ICP.
Support: $7.60-$7.50
Resistance: $7.90-$8
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, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.