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ICP TOKEN PRICE ANALYSIS: ICP token price had fallen off the supply zone, will it trigger a reversal or fall further?

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Internet Computer Price Analysis
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  • ICP token price is trading at the demand zone after breaking down the important price level.
  • The ICP token price has fallen out of the small range on the daily time frame.
  • The ICP/BTC is trading at the price level of 0.000298 with an increase of 0.89% in the past 24 hours.

The ICP token price, as per the price action, is super bearish. As of now, it trades in a bearish trajectory. The overall cryptocurrency market is in shambles as it turned bearish. The ICP token price broke down an important demand zone which led to a rapid fall. As of now, it has started trading in the long-term demand zone. The ICP token price is making lower low and lower high formation on a daily time frame. The ICP token price broke the important short-term demand zone with a big bearish candlestick formation. As a result, the fall in ICP token price was fast and big. At present, the ICP token price is trading near the lower band of the Bollinger band indicator after facing rejection of the upper band of the indicator. Currently, the ICP token price is trading below the 100 and 50 Moving Averages. Recent bearishness in the price of ICP token price has led to the breakdown of these important MAs. Moving upwards the token price can face strong rejection from the MAs. Volumes have increased causing the volatility to increase. 

The technical parameters are bearish as the ICP token price broke the support zone

Average Directional Movement Index: ADX curve is dipping for the past couple of weeks after rising. As the token price broke the demand zone, the ADX curve was also seen moving down rapidly. As of now, the ADX curve is rising as the token price hovers around the demand zone. The fall in the ICP token price has resulted in the formation of a bearish flag and pole pattern on a lower time frame. Once the token price breaks the flag and pole pattern the ADX curve can also be seen falling further. 

Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the token falls after the breakout of the supply zone on a daily time frame. The blue line crossed the orange line on the downside. This has resulted in the token price falling strongly. Once the token price starts moving up again after consolidation, the MACD indicator can give a positive crossover and the gap between the blue and orange lines can be seen widening supporting the trend. 

Relative Strength Index: RSI curve has fallen as the token price brown the important demand zone. As of now, the RSI curve has also gone bearish as it trades below the 14 SMA. The RSI curve is yet to cross the 50 halfway mark. As the price action suggests the token price can be seen trading in a bearish trajectory for the upcoming days.

CONCLUSION: The ICP token price is trading at the demand zone after falling rapidly over the last 24 hours. The technical parameters also suggest the same. It remains to see if the token price will bounce off the long-term demand zone or fails to do so and fall further. 

SUPPORT: $6 and $5.9

RESISTANCE: $8 and $7.8

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