thecoinrepublic.com
- 1 Internet computer price trades at $4.218 with an increase of 0.45% during the intraday session.
- 2 The market capitalization of ICP is 1.22% and is currently at $2 billion.
- 3 The year-to-date change in ICP price is 7.55% while the three-month return is -18.67%.
ICP price has been experiencing a bearish momentum since the start of May, falling from the high of $6.50 and it is currently trading at $4.32. Since then, the price has been establishing a minor support level only to subsequently break it, leading to further downward movement.
In recent times, the cryptocurrency’s price decisively broke through the significant support level of $4.56, which had previously held the price and played a crucial role in initiating a bullish rally back in April. This breakout induced high bearish momentum in the price and it fell to the $3.60 level. A recent support was formed at the $3.60 level and the price started to witness increased participation of bulls in the market.
The ICP price has experienced a bullish turn and is currently approaching the $4.29 mark. However, there is a notable concern surrounding the rejection that the price faced at $4.34. Although the current candle briefly surpassed $4.29, it was unable to maintain that level. Therefore, traders are advised to exercise caution and wait for the candle to close before considering any bids.
If bears can push price downward after price receives resistance at the$4.29 level, there is a high probability for the price to head downward toward the recent support of $3.60.
Will ICP Price Rise Above $4.60?
The price has crossed the 20-day EMA, positively indicating increasing bullish momentum in the price. The Chaikin money flow score is 0.06, suggesting a strength in the market. CMF has increased from -0.16 which indicates a high bullish strength in the market.
RSI trades at 47.52 and is headed upward, indicating bullish momentum in the price. RSI took a dip into the oversold region and initiated a reversal. The trend is bullish but the resistance level of $4.29 is a hurdle for the price. A rise above the $4.60 level would indicate that price might head toward $5.50.
ICP price has crossed above the 20-day SMA of Bollinger, targeting the upper band which resides near the major support level of $4.60. The long/short ratio for the last 24 hours is 0.97 with 49.29% longs and 50.71% shorts, suggesting that there is a rise in the influence of bears near the resistance level. It also hints at the possibility of pullback if participation rises.
Conclusion
The market structure and price action of Internet computer are currently displaying a bullish trend, although the price is experiencing a rejection at the resistance level of $4.29. Nevertheless, the technical parameters strongly indicate that the bullish momentum is likely to persist
Traders should wait for the price to shatter the support turned resistance of $4.60 before looking for buying opportunities. The crypto market has turned bullish after weakening of the dollar index. Bitcoin and Ethereum are rallying which has positively affected the altcoins.
Technical levels
Major support: $3.60 and $3
Major resistance: $4.60 and $5.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.