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Internet Computer Price Analysis: ICP Consolidates at Lower Levels, What about Recovery?

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  • Internet Computer price has been consolidating at the lower level over the daily price chart.
  • ICP Crypto has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
  • The pair of ICP/BTC is at 0.0003183 BTC with an intraday gain of 3.73%.

The price of Internet PCs is striving to form an uptrend on the daily chart. The price of the coin has fallen beneath the mark indicated by the falling triangle pattern, thus it is currently striving to attract buyers. Shortly after leaving the descending triangle pattern, the token moved into an area that was bound by a horizontal range and is now attempting to surge into the top range. Before ICP may rise once more, ICP bulls must congregate. ICP investors should keep an eye on the chart for any changes in trends. ICP needs to draw enough buyers in order to formally exit the parallel channel. On the daily chart, the token has to maintain its upward momentum in order to cross the parallel channel. However, currently, the token has been consolidating over the daily chart.

The market value of Internet Computer Pricing has increased by 2.10% from the previous day and is currently trading at $6.05. The intraday trading session had an 8.50% elevation in the transaction volume. This demonstrates that buyers are attempting to grasp ICP cryptocurrency on the daily chart. The market capitalization to volume ratio is 0.02643.

The ICP currency price needs to increase before it can approach the rising channel’s top trendline. ICP must rise in order to raise the accumulation of bulls, which the volume shift indicates to be below normal. For the ICP coin price to start showing indications of recovery on the daily price chart, a spike in the direction of the upper trendline is required.

What do Technical Indicators suggest about ICP?

Technical indicators inside the consolidation phase highlight the ICP uptrend’s momentum. The upward movement of the ICP currency was anticipated by the Relative Strength Index. The RSI is edging closer to neutrality at 42. The MACD shows the upward momentum of the ICP coin. The MACD line is lower than the signal line for a positive crossover. ICP investors must wait for bulls to support the token before it can exit the channel.

Conclusion

The price of Internet PCs is striving to form an uptrend on the daily chart. The price of the coin has fallen beneath the mark indicated by the falling triangle pattern, thus it is currently striving to attract buyers. Shortly after leaving the descending triangle pattern, the token moved into an area that was bound by a horizontal range and is now attempting to surge into the top range. Before ICP may rise once more, ICP bulls must congregate. ICP investors should keep an eye on the chart for any changes in trends. ICP needs to draw enough buyers in order to formally exit the parallel channel. For the ICP coin price to start showing indications of recovery on the daily price chart, a spike in the direction of the upper trendline is required. Technical indicators inside the consolidation phase highlight the ICP uptrend’s momentum. 

Technical Levels

Support Levels: $5.80 and $5.50

Resistance Levels: $6.30 and $7.50

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

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