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- 1 ICP token price trades close to the 100 day EMA markl, displaying bearishness.
- 2 Trading volume dropped over 9.67% to $163.85 Million, signifying low investor interest.
The Internet Computer (ICP) token price displayed a head and shoulders pattern, and is ready to erode gains in the next sessions.However, the ICP token looks neutral on the charts and stayed close to the crucial support mark of $12. Until the 200 day EMA was not breached, fresh selloff could not be triggered and volatility will be there.
At press time, the Internet Computer token (ICP) price traded at $13.20 with an intraday gain of 1.76%, witnessed retracement in the last sessions. It has a monthly return ratio of -24.30% and 128.20% yearly.
The pair of ICP/BTC is at 0.000221 BTC, and the market cap is $6.31 Billion. Analysts are neutral and suggest that the ICP crypto may sail around the 100 day EMA and will deliver volatile swings ahead.
Will ICP Price Retain Gains Beyond $15 Mark?
On the daily charts, the price to volume profile of the ICP token displays a notable retracement over 16% this week.
Source: Santiment
The 24-hour trading volume for ICP has declined by over 9.22%, decreasing to $166.23 Million. The token still has a downside room toward the 200 day EMA to lose gains ahead.
The RSI curve showcased a spike, but is still in the oversold region. A positive crossover was noted, suggesting a potential reversal toward $15.
What Does Price Volatility and Weighted Sentiment Data Indicate?
Amidst the price rebound this week, the price volatility curve dropped over 5.10% to 0.0090, depicting a decline in the selling pressure. Moreover, the token is all set to initiate a rebound and will remain above the 100 day EMA mark.
Source: Santiment
ICP token market capitalization has dropped by 1.32%, reaching $6.33 Billion and ranking it 23 in market cap listings. The total supply was noted at 518.22 million and the volume to market cap ratio is 0.0263.
Per the Fibonacci retracement levels, the ICP price is hovering near the 23.6% support zone, and a decline in price volatility was noted.
Conclusion
The Internet Computer token (ICP) price is on the verge of registering a bounce and stuck around the 100 day EMA mark. Meanwhile, the price action is negative and the token may retest the 200 day EMA shortly.
Technical Levels
Support Levels: $12 and $11.80
Resistance Levels: $13.90 and $14.70
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.
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.
