Internet Computer (ICP) price experienced a downward movement of 41.98% to a low of $5.05 on April 26, 2023. This was after a strong rise from April 10 to April 19, date it started the downtrend.
This drop in prices has affected the market sentiment of investors and traders. Since the beginning of this month, ICP has exhibited range-bound behavior. ICP price fluctuatedbetween $6 and $5resulting in a sideways price movement.
The question is whether the bearish momentum will continue or if there is a chance for a reversal soon.
Bears to maintain the current trend, or will the Bulls regain momentum?
According to the data, ICP saw a slight increase in price, reaching $5.34, which represents a 2.7% increase during the last 24-hour trading period. This increase suggests that demand has exceeded supply in the market. This could attract more buyers and also increase overall market confidence.
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ICP’s total market capitalization also increased today by 2.58%, representing a value of more than 2 million dollars. Market cap growth was potentially driven by an increase in demand or positive market sentiment. The 24-hour trading volume jumped 21.81% overnight, reaching around $19 million.
The internet computer Fear and Greed Index is 50 based on investor sentiment and market psychology. A value of 50 suggests that neither fear nor greed dominate traders and investors.
Based on the recent increase in the overall ICP price movement, the bulls are gradually taking over the market. If this momentum continues, the ICP could rise significantly in the coming weeks.
ICP Technical Outlook Using Indicators
The asset is trading above its 200-day mark Simple moving average (SMA). This indicates a long-term bullish trend and presents a potential buying opportunity for traders and investors.
While ICP’s long-term outlook is optimistic, there may be potential short-term uncertainties that should be considered by traders.
For example, the relative strength index displays 47.46. This shows that there is market indecision between buyers and sellers. Moreover, the current pressure in the market is neutral. Also Moving average convergence/divergence (MACD) indicates a potential downtrend as the MACD is trading below its signal line.
Additionally, ICP is below its 50-day simple moving average (SMA), a bearish indication based on short-term price movement. The current price trend, as indicated by the ICP chart, suggests a possibility of further decline in the near term.
But it remains uncertain if this trend will continue or if the bulls will resume their dominance as more and more network developments could increase adoption and usage. Internet Computer now negotiates between its support and resistance levels of $4,923 and $6,860.
The next significant support level is $3.302, while the resistance level is $8.251. If the bulls maintain this increasing momentum, ICP might break the primary resistance level of $6.860 before heading towards the next resistance level.
Featured image from Pixabay and graphic from Tradingview