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Internet Computer Price Analysis: Approaching Bounce in ICP Could Push the Price Towards the $10 Round Level


  • The price of the Internet computer coin has dropped in the last few days.
  • The Stoch RSI indicator remains in oversold territory on the daily price chart.
  • The ICP coin belonging to the bitcoin pair is trading up 1.6% at 0.0003041 satoshis.

Internet Computer Coin made a big effort to recover its lost capitalization in June. However, the ICP token started following bearish orders again early last week. The bulls witnessed the latest low of 2022 in June, where the price action showed a downside recovery.

The latest 2022 low of $4.6 acts as an important hedge area for buyers. On the other hand, the 45-day high of $7.8 acts as an immediate resistance level for buyers. Meanwhile, Internet Computer Coin is trading at the $6.4 mark at the time of writing.

The Internet Computer coin is trading at the $6.44 mark at the time of writing. Amid the downtrend, buyers saw accumulation near the $6.0-immediate support level. In the past few days, ICP price has recovered the $6.0 support level twice. In fact the price action may be showing a further double bottom pattern.

ICP Coin’s market cap rose 2% to $1.6 billion in the last 24 hours, according to CMC data. Meanwhile, the trading volumes seem low, this may be the reason for the decline because there are not enough buyers to deposit the coins. In addition, the ICP coin belonging to the bitcoin pair traded up 1.6% at 0.0003041 satoshis.

ICP Coin Trades in a Narrow Range

In terms of the daily price scale, Internet Computer is trading in a narrow range according to the Bollinger Bands indicator. Buyers recently reversed the trend near the lower band of the BB indicator, so further upside is likely.

The Stoch RSI indicator remains in oversold territory on the daily price chart.

Conclusion

The Internet Computer coin fluctuates in a narrow range, suggesting no new high/short positions. However, the Stoch RSI is in oversold territory, so any bounce in the indicator could push the ICP price.

Technical level

Support levels – $6.0 and $5.0

Resistance levels – $10 and $20

Disclaimer

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



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