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- 1 The ICP price faces selling pressure near the resistance mark of $15.
- 2 Buyers are attempting for a pullback to attain a breakout soon.
The Internet Computer token (ICP) price formed a double top pattern and is hovering near the crucial hurdle of $15, taking support on the 20-day EMA mark. The price action shows the sellers’ intention to push the token from the highs. Amidst the positive market sentiments, the token is awaiting a breakout and is holding gains decisively.
At press time, the Internet Computer (ICP) price was trading at $14.29 with an intraday drop of 2.25%, indicating neutrality on the charts. It has a monthly return ratio of 7.89% and 158.10% on a yearly basis. The pair of ICP/BTC is at 0.000195 BTC, and the market cap is $6.58 Billion. Analysts are neutral and suggest the ICP token price will gain momentum once it crosses the $16 mark and may reach the upside of $20 soon.
ICP Signifies Rejection Near $17; Can Bulls Attain the Pullback?
The ICP token price is hovering near the $15 mark and witnessed selling pressure this week. Moreover, the price action indicates the retracement, and the token may face a follow-on selloff, which may soon lead to a bearish wave toward the $13 mark. Additionally, the declining trading volume with a price decrease signifies the negative outlook on the charts. This week, the trading volume slipped over 30% to $230.05 Million, revealing low investor interest.
ICP Price Volatility Keeps Declining; What Does It Mean?
The token witnessed a decline in the price value, and the volatility curve signifies a drop this week. However, the price action remains neutral with a steady movement and a mild decline. The volatility curve slips over by 15% to 0.014. In contrast, the total weighted sentiments indicate a positive development, and the curve reverted to a positive value of 0.443, indicating a bullish outlook for the following sessions.
Social Dominance and Development Activity Outlook
The ICP token witnessed a drop of over 40% in the social dominance data, and the curve value slipped to 0.23%; a decline in the discussions and reports on the social media platforms hints at the negative outlook. However, the development activity keeps rising, and a notable surge has led the value to a high of 70 this week. However, the intraday value was noted at 53.14.
What Do RSI, Market Cap, and Open Interest (OI) Reflect?
The above data indicates a negative crossover in the relative strength index curve, and the value sinks to 60. However, it stays in the overbought zone and witnesses a neutral outlook. Meanwhile, the market cap remains at an average value of around $6.40 Billion. The Derivative data indicates an increase in open interest of over 10% to $83.78 Million, indicating a short buildup activity this week.
The token has a total supply of 469.21 million, and the volume-to-market cap ratio is 0.0358, whereas the global ranking is 24.
Summary
The Internet Computer token (ICP) price faces rejection near the neckline hurdle of $17 and is hovering at highs. However, the trend is neutral, and indecisiveness between the bulls and bears was noted on the charts.
Technical Levels
Support Levels: $13.80 and $13
Resistance Levels: $15.30 and $16
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.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
