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- The Internet Computer Coin (ICP) takes support on an ascending trendline on a weekly time frame.
- The 20-day moving average is seen as the first bullish barrier for the ICP coin.
- Trading volume increased by 65% to $55 million in the last 24 hours.
The Internet Computer Coin (ICP) went into a consolidation phase after slipping below the support trendline. There was a time the bears attempted to break the ICP price below the $6.0-support level. The coin was well received by the bulls as buyers, it hit a high and a 10-day high of $6.8 mark on August 30, 2022.
In the recent sharp selloff, buyers witnessed the 2022 low of $4.6. Later, the ICP price fluctuated under a rising parallel channel with reference to the daily price scale before breaking out. The bulls again kept the asset above the $6.0 mark and formed a bullish trend line (in white) on the weekly chart.
At the time of writing, the ICP token is trading at the $6.46 mark amid a sideways trend. The crypto support continues to take support at the trendline, and the bulls are preparing to push the price higher with massive trading volume. Therefore, the trading volume increased by 65% to $55 million in the last 24 hours.
Meanwhile, the market cap has seen up 2.6% at $1.6 billion in the last 24 hours of data. Although the price is moving up, the 20-day moving average is seen as the first bullish hurdle for the ICP coin on the daily price scale. Nevertheless, the internet computer coin belonging to the bitcoin pair rose by 3.4% to 0.0003229 satoshis.
Price Action is Sideways When RSI Approaches Halfway
The daily RSI indicator recovered sharply after touching the 30 level. The RSI peak reaches the bullish zone. Furthermore, MACD appears to be flat in negative territory on the daily price scale, indicating a sideways trend for ICP coins.
Conclusion
However the current trend of internet computer coin is sideways in all time frames. The RSI indicator shows a soft upside move if the buyers breach the 20 and 50 day moving averages on the daily price scale.
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.
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.
