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Internet Computer Price Analysis: ICP at $48 support, what’s next?

Internet Computer price analysis

TL;DR Breakdown

  • Internet Computer price analysis bearish today, at $48.
  • The price of the currency is at $48 support.
  • If the support holds, the nearest resistance is at $59.5.
  • There is another resistance at $61.8.
  • If the price falls below the $59.5 support, the nearest support is at $46.8.

Our Internet Computer price analysis is bearish for today as the cryptocurrency can fall below the $48 price support. If the bulls cannot gain strength, we might see the bears take the price down below this support level. Further taking into account the position of the resistances, the nearest resistance is at $59.5, which the bulls were unable to break, and a bearish movement followed.

The data by Coinmarketcap suggests that the 24-hour trading volume for the cryptocurrency has fallen by about 27.88%. This price fall led to a decrease in the trading volume for the cryptocurrency. Today itself, the market capitalization of the cryptocurrency shrunk by around 1.60%. This drop in the trading volumes and market cap points to a bearish Internet Computer price analysis.

The current price of the cryptocurrency is 93.40% below its all-time high, which was formed four months ago. Considering Bitcoin’s fall in the past few days, ICP has also been following this same price trend. Bitcoin is currently struggling at $42.6K price levels, and a further fall in the price of the currency might lead to significant damage to altcoins as well.

Internet Computer price analysis: Technical indicators

The Internet Computer price analysis for today can be done using prominent technical indicators that hint at the price movement in the short term. For the long term, you can have a look at our Price Predictions page. Using these technical indicators, we can predict a price action but, you need to conduct your own study and only invest what you believe in.

Internet Computer price analysis shows a bearish movement inside the Bollinger Bands. The price broke out from the lower end of the Bands and now is present at the lower end of the Bands. The ICP/USDT 4-hour chart below also suggests that it is likely for the pair to fall down even more in the short term and land at the support of $46.8.

Taking the position of the key Moving Averages into account, the ICP/USDT price has fallen below the 100-day and 50-day Moving Averages. The current price movement shows that the bulls will try to regain these Moving Averages in the short term before aiming for the all-time high price.

Internet Computer Price Analysis: ICP at $48 support, what's next? 1
Internet Computer price analysis on the chart by TradingView

There are two major price movement indicators that every trader has to consider before putting their orders. In a market where there is a constant struggle between bulls and bears, two major indicators can be used, the RSI and the MACD indicators.

The RSI indicator shows that the current price levels of the cryptocurrency represent a value below 30. Thus, the current price action falls into the oversold zone, which is the best time to buy the ICP/USDT pair. The RSI levels indicate that profit can be made if you buy the token at this value and sell at higher RSI levels. Hence, it would be great to place your buying orders now.

The MACD indicator represents a bearish divergence wherein the signal line is above the MACD or the blue line. This results in a bearish histogram full of red bars. Hence, it can be said that the selling pressure currently is high, and buying opportunities can be seen. Once the volatility dies down, you can make your move just above the support levels.

Internet Computer Price Analysis: ICP at $48 support, what's next? 2
Internet Computer price analysis on the chart by TradingView

Internet Computer price analysis: Conclusion

Our Internet Computer price analysis can be concluded on a bearish note as Bitcoin is also struggling to maintain support. If the current support fails for the ICP/USDT pair, we have lower prices waiting in the short term. But, in the long term, our price forecast remains bullish.

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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