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Internet Computer Price: ICP Concolidates below the Descending Triangle Pattern 


  • The descending triangle pattern on the daily chart for Internet Computer Price is broken and the token consolidates below it.
  • The crypto asset is traded below the 20, 50, 100, and 200 day Daily Moving Averages.
  • The ICP/BTC pair is at 0.0002712 BTC with an intraday drop of 6.70%.

On the daily chart, the price of Internet computers is trying to gain uptrend momentum. As it falls below the descending triangle pattern, the coin is trying to gain support from buyers. ICP bulls need to congregate on their own for ICP to reproduce. ICP investors should look at the chart for any changes in direction. The ICP is currently consolidating below the descending triangle pattern and is now weakening to get support from the lower levels.

Internet Computer price is now CMP at $ 5.49 and has lost 10.57% of market capitalization in the last 24-hour period. However, the trading volume increased by 24% in the intraday trading session. This indicates that buyers are still available for saving ICP coins. However, the accumulation rate is small and should be increased during the intraday trading session. The volume to market cap ratio is 0.07964.

The ICP coin price is trying to persuade many buyers to break through the lower trendline of the fallen triangle. The change in volume, which can be seen below the average line, should increase in order for the ICP to rise to the top of the chart. The volume bars gradually decreased indicating that the ICP was imprisoned within a decreasing triangular pattern. The ICP bulls need to take action to organize the token rescue and let it fly on the daily chart.

What Do the Technical Indicators Suggest about ICP?

The ICP currency price initially formed a descending triangle formation, and it is now trading below that pattern with significant downtrend momentum. Technical indicators point to the momentum of the ICP coin being bearish. ICP trades in the oversold region, according to the Relative Strength Index. ICP investors can expect any direction to move when the RSI drops below 30 while it is at 35. The ICP coin at a lower pace can be seen on the MACD. For a negative crossing, the MACD line is approaching the signal line. This means that for some trading sessions, the ICP may be subject to severe selling pressure.

Conclusion

On the daily chart, the price of Internet computers is trying to gain uptrend momentum. As it falls below the descending triangle pattern, the coin is trying to gain support from buyers. ICP bulls need to congregate on their own for ICP to reproduce. The volume bars gradually decreased indicating that the ICP was imprisoned within a decreasing triangular pattern. The ICP bulls need to take action to organize the token rescue and let it fly on the daily chart. Technical indicators point to the momentum of the ICP coin being bearish. For a negative crossing, the MACD line is approaching the signal line. This means that for some trading sessions, the ICP may be subjected to severe selling pressure.

Technical level

Support Levels: $ 4.90 and 5.00 %

Resistance levels: $ 6.00 and $ 6.80

Disclaimer

The views and opinions expressed by the author, or any persons named in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing or trading in crypto assets carries the risk of financial loss.

READ ALSO: Cardano Founder- Hoskinson On Regulating US Cryptos

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