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- 1 ICP price prediction showcases the consolidation phase of ICP crypto inside an interesting pattern.
- 2 Internet Computer crypto has slipped below 20, 50, 100 and 200-days daily moving averages.
- 3 Internet Computer cryptocurrency has slipped around 25.76% year to date.
ICP price prediction highlights the consolidation phase of ICP crypto inside an interesting pattern over the daily time frame chart. Internet Computer crypto price is stuck inside a descending triangle pattern since May 2023. ICP crypto tried to register its breakout from the upper trendline of the descending triangle pattern but failed to sustain. The crypto needs more buyers in order to break out from the declining pattern.
ICP price was at $2.92580000 and lost 1.66% of its market capitalization during the day’s trading session. Trading volume fell by 18.19% intraday. This demonstrates that sellers are trying to pull ICP downwards. Volume to market cap ratio was at 1.31%.
Analyzing ICP Price Technical Indications
ICP price prediction highlights the consolidation phase of ICP crypto inside the descending triangle pattern over the daily time frame chart. Meanwhile, buyers need to come forward for the rescue of ICP crypto to sustain above the lower trendline of the descending triangle pattern. However, volume change is below average and needs to grow intraday. Meanwhile, Internet Computer crypto has slipped below 20, 50, 100 and 200-days daily moving averages.
ICP cryptocurrency experienced a 6.43% decline over the past week and a 5.56% decrease within the last month. Over a three-month period, ICP prices dropped significantly by 29.28%, and the downward trend extended to a 46.64% loss over the past six months. Year to date, ICP crypto prices have fallen by approximately 25.76%, highlighting the challenging performance for ICP in 2023.
Technical indicators suggest the downside trend of ICP crypto. Relative strength index (RSI) confirms the slippage of ICP. RSI was at 40 and is heading towards the oversold territory. Investors in Internet Computer cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
The ICP crypto price outlook reveals a consolidation phase within an intriguing pattern on the daily chart. Currently, there’s a need for buyers to step in and support ICP crypto to maintain its position above the lower trendline of the descending triangle pattern. In 2023, ICP’s performance was notably challenging, with a year-to-date decline of about 25.76%. Technical indicators signal a downward trend in the ICP crypto chart, so investors should remain vigilant for potential shifts in direction on the daily chart.
Technical Levels
Support Levels: $2.87390870 and $2.84890653
Resistance Levels: $3.09535646 and $3.30608900
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 or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
