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- Internet Computer Coin (ICP) is on an upside move above the $6.0 support level.
- The bulls are facing rejection near the 20-day moving average on the daily price scale.
- ICP Coin’s market cap fell 3% to $1.62 billion in the last 24 hours.
The Internet Computer Coin (ICP) moved into sideways territory in the intraday trading session. Buyers have seen a highly volatile market over the past few days as prices continue to move higher and stop losses are being impacted by buyers. Over the past two days, the ICP coin has completely trapped bulls and bears due to an indirect trend.
August turned out to be a very bearish month as buyers have lost around 28.7% so far this month. Meanwhile, since June, monthly price candles have appeared inside the candlesticks, indicating an impending storm in the ICP price. Meanwhile, Internet Computer Coin is trading at the $6.4 mark against USDT at the time of writing.
In terms of the daily price scale, Bears have set their selling order at 20-day moving average after its breakdown. Last night, bulls failed to propel altcoin price higher above this zone. In addition, all significant moving averages like 50,100 and 200 are remaining above the current price of ICP.
Amid highly volatile trading sessions, ICP coin’s Market Cap plumped by 3% at $1.62 Billion in the last 24-hours as per CMC. trading volume show sideways trend at the end of month, thus, speculators saw a 35% drop in volume over the last night.
Bulls Need to Break 20-DMA
Stoch RSI rebounded sharply over the past few days after reversing from the oversold zone, indicating further momentum for the ICP coin. But MACD is still negative even though it is looking below the neutral zone during the daily price scale.
Conclusion
The Internet Computer Coin (ICP) looks sideways until it moves above the 20-day moving average on the daily price scale. Meanwhile, the bulls find immediate support at the $6.0 mark, where the bulls can sustain the sell-off.
Technical Levels
Support level – $6.0 and $5.0
Resistance level – $7.0 and $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
