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- 1 ICP price is currently taking critical rejection from the 200 EMA
- 2 ICP price might give a correction of 13%
Internet Computer’s current price is $6.163. The overall market sentiments are currently trading at a neutral at 50 points according to the greed and fear index provided by the site alternative (dot) me site which measures the market sentiments although there is a sharp decline since last week were the greed and fear index was trading at 60 points. Currently, the sellers are dominating the ICP price action by 50 – 54% while the bulls are trying to resist according to the site Coinglass which is a cryptocurrency information platform.
Technical Analysis ( 1 Day Timeframe)
After breaking out of the 200 EMA with a strong bullish candle and giving a bullish rally of 50% ICP price tried consolidating above the 200 EMA but could not sustain. After consolidating for a little ICP price took a rejection of 17% and it might continue to move downwards towards its support level which is 12 below its current price making a downtrend of 27%. Currently, the ICP price is taking resistance from the 20 EMA while trading below the 200 EMA. Chances are that after a pullback ICP price will test its resistance again.
ICP price after recently breaking the 200 EMA resistance Internet Computer’s price took rejection from that level taking a downturn of 17%. Presently Internet Computer’s price is trading around the 20 EMA while its next support level is around 13% below the current price of around level $5.412.
ICP’s price is trading around the price of $6.210 while its next support is 13% below the current price around the price of $5.412 while its next resistance is 22% above the current price around the level of $7.562. Although ICP price is trading near its support zone according to the historical price action.
The RSI line is trading near the median line around point 52.05 while the 14 SMA is trading above the RSI line around point 59.60 level. The RSI line is currently taking support from point 52.47 near the median line. While the RSI curve is suggesting that it might soon start moving toward the overbought zone.
Conclusion
ICP price is currently trading near the supply zone. If it gives a strong bullish candle from the current levels the probability is that the ICP price will take a bullish move giving a rally of 20% and if it takes rejection from the present price it will start moving toward its support zone which is 12% below.
Technical levels –
Support – $6.210 and $5.412
Resistance – $7.562.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
