ICP Price Analysis: ICP/USD is bearish for the next 24 hours

ICP Price Analysis

TL;DR Breakdown

  • ICP price analysis has been bearish in the last 24-hours.
  • The currency’s main support level is currently at $40.99.
  • The nearest resistance level is $46.9, which may be seen at the moment.

The bulls were unable to take the price of the coin above $49.9 resistance, thus ICP prices are bearish for the past 24 hours. The protocol is an important blockchain development with a bright future. Despite the fact that current events have been considered, ICP prices have decreased by 94.45 percent from their all-time high.

The currency is presently valued at $45.52, and it can be traded on Binance and Mercatox. The currency may find a helping hand at the 40.99$ mark, where it briefly overshot during our last study. The next resistance will be found at 46.9$, a break from which would signal a resurgence in interest in this unknown coin. The resistance at $49.9 continues to be an issue for ICP prices, as bulls have so far been unable to break the level over the past 24 hours.

ICP has suffered considerable loss in the last few weeks and it can be found among those assets that are making losses day by day due to overall market conditions. The coin presently has a market cap of $376,608,446 which is significantly less than its all-time high cap.

ICP Price Prediction: Bullish take control of ICP markert

The price plummeted below the support level at $40.99 for a brief period, but it has since bounced back up to $40.94. If this level is maintained, and the price movement does not drop below this barrier, we may anticipate higher costs.

The ICP price prediction for the immediate future is bearish, with the coin attempting to preserve the existing support level of $40.9. The 50-day and 100-day Moving Averages are above the price chart. As a result, prices are bearish in the short term, and the first critical move will be to reclaim these Moving Averages, which will signal a change in the longer-term trend.

ICP suffered a huge upheaval in prices following a Binance listing and a failed Exchange listing attempt. Since this event, momentum seemed to have been lost from the coin, with it struggling for direction. This bearish momentum continued throughout September and October, though it has recently shown signs of bottoming out.

ICP Price Analysis: ICP/USD is bearish for the next 24 hours 1

ICP price prediction on the 4-hour chart by TradingView

For some time, the Internet Computer token has been in a bearish price pattern on the 4-hour chart. On the 4-hour graph, we’re clearly in a slump with numerous red candles forming.

On the 4-hour chart, TradingView’s RSI indicator was used to forecast the ICP. A reading of less than 30 suggests that selling pressure will remain strong in the near term as prices enter an oversold region.

On the other hand, the MACD indicator shows a reddish histogram, indicating a surge in selling orders. The MACD line (the blue one) tried to break above the signal line (the orange one) but wasn’t able to do so. Therefore, the price momentum remains bearish on the 4-hour chart.

ICP Price Prediction: Conclusion

The ICP price prediction for the near future is bearish, as we cannot be sure whether bulls will continue to sustain the $40.9 support level. The closest resistance can be witnessed at $46.9 and a break from this region may see ICP prices surge upwards once again. Keeping these factors in mind, we urge our readers to trade with caution as the market does not offer one-way traffic.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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