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- 1 Internet Computer is hosting a cybersecurity meetup in Zurich on 5th October.
- 2 ICP crypto has witnessed an advance in trading volume in the last 24 hours.
The Internet Computer token is generally used to power the Internet Computer Protocol. It is an essential part of Internet Computer Protocol serving as underlying fuel for the protocol’s network. The major contributor of ICP is DFinity Foundation which is a non-profit organisation. The ICP was created by Dominic Williams who led a team of experts. The coin was launched on 07th May 2021.
The ICP has witnessed an advance of +0.88% in the market cap with the advance in crypto’s price in the last 24 hours. The spot trading volume of the crypto has also advanced by 12.55% resulting in $17.375M. The current volume/market cap ratio of the ICP crypto is 1.35%.
The current circulating supply of Internet Computer crypto is 466.008M ICP following a total supply of 507.19M ICP. The crypto also has a maximum supply of infinite and the coin’s current fully diluted market cap is $1.5B. As per Coingecko, Internet Computer Crypto’s current market cap ranking is 34th in the cryptocurrency market.
Will ICP Crypto Take Support And Reverse From The Current Level?
The Internet Computer is following a bearish market structure making lower highs and lower lows on the chart. The ICP crypto is currently trading at the support level and may lead to a double bottom but there is no sign of a bullish pattern on the chart. This behavior of the crypto price can result in a further breakdown of the price.
The ICP crypto chart is following a death cross of 50-day and the 200-day EMA. The coin’s price is trading below both the EMA’s resulting in a downtrend.
The RSI on the ICP chart is trading below the 50-level and has also declined below the 14-day SMA. The current level of the RSI is 42.15 and the RSI is following a bearish cycle as it has dipped below the oversold zones.
Internet Computer Liquidation Analysis
The ICP is witnessing a decline of 17.45% in the derivative volume in the last 24 hours. The Open Interest of the crypto has also declined by 1.12% resulting in $15.86M. The ICP crypto has witnessed a huge long liquidation of $52.87K in the last 24 hours against a short liquidation of $0. This phenomenon has resulted in a long/short ratio of 0.919.
Conclusion
The Spot volume for the crypto has advanced but has shown a decline in the derivatives volume. The ICP crypto has also faced huge long liquidation. The coin price is highly negative on the charts. The indicators such as EMAs and other oscillators are bearish for the coin. Therefore, the Internet Protocol coin’s price can continue to decline to lower levels in the upcoming days.
Technical Levels
- Support levels- $2.200 and $2.500
- Resistance levels- $3.300 and $4.350
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
