Home
News
- 1 ICP price (ICP) slid 0.64% in the last 24 hours and is currently trading at $4.08.
- 2 Internet Computer Protocol (ICP) derivatives state that a total of $25.8K open interest contracts have been created over the past 24 hours.
The Internet Computer (ICP) has three main uses, firstly, burn cycles to run computations on the Internet Computer blockchain, which reduces the supply of ICP and makes it more scarce. Second is the stake in the Network Nervous System DAO, which controls the Internet Computer blockchain and earns voting rewards for participating in governance. Lastly to store value and invest in web3 services that run on the Internet Computer blockchain, such as decentralized sales.
The ICP price is currently trading at $4.08 with a decline of 0.64% in the past 24 hours. Internet Computer Protocol holds a total market cap of $1.79 Billion and ranks 31st in the crypto market.
ICP token has a trading volume of $17.26 Million with a rise of 4.29% over the past 24 hours. It has over 4440.9 Million tokens in circulating supply. The volume-to-market cap ratio of the ICP token is 0.96% indicating low volatility in the market.
ICP Price Prediction Using Price Action Strategy
ICP price prediction reveals that the token surged 80% in January 2023, breaking above the consolidation phase by shifting its long-term trend to an up trend. Thereafter, The price entered a correction phase, forming lower highs and lower lows. The price also suffered rejection from trendline resistance.
Recently, the price took a rebound from the previous demand zone but could not turn it into a bullish move and consolidated.
Currently, the price is consolidating above the demand zone forming a box consolidation.
The short-term outlook of the coin is bullish until the price remains above the demand zone. The long-term outlook of the price is indecisive until the price tends to remain below the trendline resistance. if the price breaks and sustains above the trendline resistance then it may result in a shift of trend to an advancement phase. However, it requires more buyers to accumulate near the demand zone.
ICP Price Forecast from Indicators’ point of view
As per the EMA analysis, the ICP price is trading below the 200 EMA which indicates that the EMA may act as resistance. Also, the price is currently trading below 50 EMA indicating a lack of buyers in the market at the moment.
At the time of publishing, the RSI value of the ICP token is 47.07 and that of the SMA line is 49.81. RSI has gone flat signaling a neutral sentiment in the market at the moment.
MACD lines have made a bullish crossover. Also, Histogram bars are being formed above the mean line with increasing height showing a positive sentiment in the market.
Conclusion
ICP price prediction concludes that the price hike rose 80% in January 2023, ending its downtrend and starting an uptrend. Thereafter the price corrected suffering resistance from a trendline and thus formed lower highs and lower lows.
Recently, the price bounced back from a demand zone but failed to continue its uptrend and consolidated.
The short-term outlook indicates the price to be bullish as long as it stays above the demand zone. The long-term outlook shows uncertainty until it breaks above the trendline resistance. If the price succeeds in breaking above the trendline resistance, it may enter an advancement phase. However, it requires more buyer support near the demand zone.
Technical Levels
- Support levels: $3.51 and $3.10.
- Resistance levels: $5.03 and $6.20.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
