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- 1 ICP price is down to the crucial support zone near $11.
- 2 Sellers are eyeing the 200-day EMA to push the token toward the $10 mark.
The Internet Computer token (ICP) price persisted in eroding gains and has reached the make-or-break region of the 200-day EMA mark. However, the token took support on it and will likely pull back soon.
For weeks, the token has traded in a downtrend and has displayed lower low swings, signifying the selling pressure. Amidst the market correction, the ICP token price dragged over by 32% last month.
At press time, the Internet Computer token (ICP) price traded at $11.86 with an intraday drop of 1.26%, reflecting neutrality on the chart. It has a monthly return ratio of -12.90% and 156.29% yearly.
The pair of ICP/BTC is at 0.000192 BTC, and the market cap is $5.51 Billion. Analysts are bearish and suggest that the ICP price may continue to face bearishness and will hover around its 200-day EMA support mark.
Is ICP Ready to Bounce? Price Action Outlook
The Internet Computer Token shows a consistent down move and is looking bearish on the charts. Meanwhile, the token may replicate a pullback, as it is holding gains at its crucial support zone of the 200-day EMA mark.
Source: Santiment
The intraday trading volume remained average and showcased a bounce of over 28.37% to $154.80 Million.
A close and break above the $13 mark for bulls validate the significant pullback. Conversely, if the bear succeeds in breaching the 200-day EMA mark, the next stop for the token is close to $10.
The Momentum Indicator (Relative Strength Index) has remained in the oversold region and made a negative crossover, highlighting the selloff over the past few sessions.
What Price Volatility and Weighted Sentiment are Showing?
Despite the neutral price action in the intraday session, the price volatility graph noted a spike, signifying the early upmove, which might lead to a rebound in the coming sessions.
The price volatility curve noted a rise of over 12.90% to 0.016, highlighting investor speculation. Meanwhile, the weighted sentiment value sustained above the midline region, glancing at a positive outlook.
What Does the Futures Open Interest Data Indicate?
In the intraday session, fresh short-addition activity was noted, and the open interest pumped over 7.87% to $58.83 Million.
Still, sellers are willing to break the prompt support mark and show dominance.
Source: coinglass
Sharpe Ratio
In the last few sessions, the value of the Sharpe ratio witnessed a notable rise. Still, the value stayed in the negative region, showcasing the underperformance of the asset.
Source: Messari
The immediate support levels for the Internet Computer token (ICP) are $10.70 and $10, whereas the key upside hurdle is around $11.60, followed by $12.
Conclusion
The Internet Computer token (ICP) price is losing gains and has reached the bottom region of $11, a crucial support level. For bulls, to hold and revert from there is the challenge to retain the gains. Sellers are likely targeting the $10 mark short term.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.