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Internet Computer Price Slumps Below 50-Day EMA: Can ICP Reverse?

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Internet Computer Price Slumps Below 50-Day EMA: Can ICP Reverse?
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Internet Computer crypto price lost ground near the 50-Day EMA and declined sharply after the breakdown. The crypto has entered a bearish territory and might show more drops in the upcoming sessions.

Moreover, the ICP crypto started the week extending the previous week’s weakness. The price dropped nearly 6% on Monday however closed above the 50-Day EMA.

On the very next day, the bulls attempted to defend the price above the 50-Day EAM and registered swift gains in the morning sessions. However, it could not hold till the Afternoon due to heavy short positions on the upper side and dropped lower.

At the time of writing, the Internet Computer cryptocurrency was at $9.79 with an intraday loss of 6.32%. Also, it has a market capitalization of nearly $4.460 Billion after the intraday loss. The volume to market cap ratio is 2.99% suggesting low volatility in the crypto.

Internet Computer Price Slumps Below 50-Day EMA: Can ICP Reverse?

Internet Computer Price Trend Analysis

The analysis of the ICP/USD crypto chart over the daily time frame shows that the crypto maintained a positive outlook since mid and peaked in the 1st week of January 2024. The price traversed from a low of $3.5 to a high of $15.5, thus gaining over 300% in the past three months.

Furthermore, the recent selloff is backed by the rise in volume, suggesting the crypto may undergo a correction. Also, the price has broken below the psychological level of $10 and might crash further.

On the lower side, the support levels of $9 and $7 are fresh levels and have not been tested yet. The buyers might try to defend the price and add more buying volumes at these levels. 

The technical indicators are signaling a bearish sentiment with a mixed outlook. At press time, the RSI was at 40.09 points while the 14-Day SMA line was at 52.47 points. RSI has made a bearish crossover of the SMA line and is headed downwards suggesting a bearish outlook. 

Also, the MACD line and signal line have made a bearish crossover and are diverging, indicating bears gaining momentum. 

Internet Computer Price Prediction January 2024

Internet Computer Price Slumps Below 50-Day EMA: Can ICP Reverse?
ICP/USD Chart by TradingView

The bearish outlook of the analysts shows that the price has more room to decline and drop to a low of 8.52 by the Month end. The positive view of the analysts is that the price will reclaim the 50-Day EMA on the daily chart. 

Internet Computer Price Prediction 2024

The price forecast for the year 2024 highlights that the ICP token price could reach a high of $16.39, suggesting a potential gain of over 68.90. Moreover, the bearish outlook of the analysts hopes the price could reach $12.43 by the year-end. 

Internet Computer Price Prediction 2025

By the year 2025, the Internet Computer price may attain $22.49 as the highest price. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $16.04. 

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. 

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