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- 1 ICP price (ICP) is down by 3.06% in the last 24 hours and is currently trading at $3.40.
- 2 Internet Computer price (ICP) is trading in a parallel channel pattern and nearing a demand zone from where the price may experience buying pressure.
ICP price analysis reveals that the price has been in a declining trend for the past 6 months losing 49.25% of its value and has declined 30% over the past 3 months. The price declined from a hike of 80% in January 2023, after the breakout of the consolidation phase.
The price corrected, making lower highs, and faced resistance from upper trendline resistance. Recently, the price took support from a previous swing low and surged to recover but lacked momentum and declined to form a new low after consolidation.
The Internet Computer (ICP) blockchain reimagines blockchain design with cryptographic innovations. It offers the first “World Computer” blockchain for building any online system or service, even web social media, without traditional IT like cloud services, it can achieve complete decentralization.
ICP Price Trading Near Previous Swing Low
The ICP price currently trades at $3.06 with a decline of 3.40% over the past 24 hours.
Recently, the price made a breakdown after consolidating and near the upper levels.
The short-term outlook of the price analysis states the price has declined to trade near the previous swing after the breakdown of which the price may slide more. The short trend has turned on the bearish side after the consolidation breakdown.
The volume analysis shows that ICP has a trading volume of $23.3 Million with a surge of 46.1% over the past 24 hours. It has over 441.6 Million tokens in circulating supply. The volume-to-market cap ratio of the Internet Computer token is 1.56% indicating very low volatility in the market at the current moment.
Internet Computer Price Looking Weak As Viewed By Technical Indicators
As per the EMA analysis, the Internet Computer price is trading below both the 50 and 200 EMA which indicates the prevailed and continuation of a bearish trend. The EMAs may act as a resistance if the price rises.
At the time of publishing, the RSI value of the Internet Computer token is 28.6 and that of the SMA line is 36.01. RSI is declining suffering resistance from the SMA line indicating the weakness in the short term.
Conclusion
ICP price prediction concludes that the price has been falling for the last six months, losing more than 50% of its value. It failed to sustain a bullish rally in January and faced resistance from the upper trendline. Recently, the price broke down from a consolidation phase and made a new low at $3.06, down 3.4% in 24 hours. The short-term outlook is bearish and the price may slide further if it breaks the previous swing low. The trading volume is $23.3 Million, up 46.1% in 24 hours.
Technical Levels
- Support levels: $3.13 and $2.55.
- Resistance levels: $4.65 and $5.61.
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
