coinedition.com
After a bullish start to the day, bears reclaim control of the Internet Computer (ICP) market, lowering prices by 1.90% to $4.03. This bear market has consistently dominated the market, to the point of deeming the bullish effort at a reversal ineligible after striking stiff resistance at $4.20.
The market capitalization of the ICP market declined by 3.49% to $1,117,619,760 as a consequence of the bear grip. As the 24-hour trading volume rises 74.63% to $32,369,109, selling pressure is shown to rise as traders withdraw from the market in fear of more price falls.
Since the Klinger Oscillator just dropped below the signal line with a value of -30.907k, the ICP market is expected to continue bearish. This movement indicates that bear power is developing, suggesting that a further downward trend is likely.
The Know Sure Thing indicator moving below its SMA line adds to this negative forecast. This bear rule is evident in the ICP market, with a KST reading of 16.4306, implying that bear momentum is expected to take prices beyond or near to the support level ($3.97).
The True Strength Index (TSI) has a value of 8.4376, indicating that the bear market is not yet over, since it has crossed below its signal line. As selling pressure overcomes purchasing pressure, this movement dampens traders’ hopes for a probable turnaround.
The shorter-term MA crosses above the longer-term MA, signaling that bulls are putting pressure on the ICP market to reverse the downward trend. The 20-day MA is at 4.035, while the 100-day MA is at 3.837, indicating that the ICP market is poised for an upturn.
While several indicators suggest another downward run in the ICP market, a positive turnaround is possible if bulls can maintain the resistance level.