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INTERNET COMPUTER Price Analysis:  The ICP Price has started Sinking, Bulls Need to Support


  • After the bears ’dominance, the ICP price is on a pleasing rise on the daily price chart.
  • The coin is already approaching the 20 and 50 day moving average and now the price seems to be going down.
  • The ICP/BTC pair is at 0.0003275 BTC which is at a gain of 0.94%.

The comprehensive mission of Internet Computer is to make the public Internet a world-class computing platform. The developers positioned ICP as a revolutionary network, due to the facts that the blockchain is more publicly available and has impressive uses.

After the dominance of the bears the price of ICP is on the upside of the daily price chart. The bulls are struggling to pump up the price because the bears are not ready to give up their dominance in the market. The coin needs to attract more buyers in order for this flattery process to continue. The ICP price is currently trading almost all the time below it so investors are a bit scared, so the bulls have to take responsibility.

The current price of an ICP coin is selling at $ 6.99 which is at a profit of 4.45% of its market capitalization in the last 2 hours. The coin has a trading volume of 98 million with a profit of 35.80% in a 24 hour trading session and a market cap of 1.7 billion. The volume market cap ratio for ICP is 0.05496.

Short term Analysis for ICP

While looking for short term (4 hours) analysis we can observe that bears are dominating the price today. The bears lowered the price to 7 in just 16 hours, this is a sign of the bulls coming and replacing.

The MACD indicator indicates that sellers are dominating now as the seller signal line is approaching the buyers line and now it is about to make a cross from the bottom it indicates bearish dominance. On the support, the relative strength index shows the selling pressure of the coin as a major factor. The RSI value for ICP is roughly equal to 55.

Conclusion

After the dominance of the bears the price of ICP is on the upside of the daily price chart. The coin needs to attract more buyers in order for this flattery process to continue. The selling volume is at a gain of 35% which is starting to decline, as the price is under the influence of the bears on the hourly price chart and the technical indicators also support a bearish movement.

Technical level

Resistance levels: $ 8.06 and $ 8.85

Support levels: $ 6.08 and $ 5.02

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.



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