Internet Computer smashed its ATH within a few moments of its inception and quickly plunged heavily. Woefully, the asset ever since then maintained its trend within the same braces and failed to range above $30 after falling from the highs around $750. However, the ICP platform remained extremely active with notable trading volume since the beginning. And hence one can expect the asset to break through the prolonged consolidation very soon.
Will ICP price reverse the downtrend or discover new lows? Let’s check it out!
The last quarter of 2021 was notably bearish as it shed a huge portion of value within a very short time frame. Despite the year 2022 beginning with a notable uptrend, the asset continues to hover within lower highs and lows. And currently following a similar trend, the asset may eventually drain in a very deep drowning well.
|Short-Term||The price after hitting the bottoms is attempting to flip with a notable magnitude and hence a short-term uptrend is quite possible|
|Mid-Term||The mid-term forecast is also much similar as the price is attempting a rebound which may happen any time from now|
|Long-Term||Conversely, the long-term is quite bearish as the asset is expected to plunge to the lower support very soon|
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|Technical Indicators||Value(1Hr / 1D)||Action(1Hr / 1D)|
|Relative Strength Index(RSI)||45.7 / 43.7||Neutral / Sell|
|MACD(12,26)||-0.3 / -0.93||Sell / Sell|
|Average Directional Index(ADX)||37.08 / 20.97||Buy / Neutral|
|Bull/Bear Power||0.07 / -1.602||Buy / Sell|
The ICP price is extremely bearish in both time frames. No doubt the price may attempt to rebound with higher intensity, yet a rejection may only be its destiny. The RSI in both the timeframes hovers close to the middle bands and trending in a similar direction too. And hence indicates the upcoming move to be extremely uncertain. On the other hand, the volatility indicator ATR is pretty bearish in STF & HTF. And hence no possibility of a drastic move may be expected in near future.
On the other hand, the Average Directional Index indicates the strength of the rally is notably bullish in the short term but may undertake a bearish divergence to signify a loss of strength in the rally. And in the higher time frame, the levels are depleting as the rally is getting weaker and weaker. Yet the Bull/Bear power signifies the asset to be outpowered by bulls currently but bears may take back the control soon.
However, being distinct from the above indicators, the only bullish indicator currently is MACD in both the time frames. In the STF, MACD just lets out a ‘buy’ signal as buying volume accumulates and in HTF ease with buying pressure is witnessed but may recover soon.
Coming to the pivotal points, the ICP price is an inch below the 50-day MA levels in HTF. Moreover, both the 200-day and 50-day MA levels are at an equidistant in the STF. And in such a case a drastic movement on either side is pretty much possible. Once the MA levels are cleared then the asset may range high to rest the crucial resistance levels initially in STF and later in HTF. Once the resistance at $54.47 is successfully cleared then one can expect a significant bull run.
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The ICP price began with the monthly trade on a notable bullish note but very quickly flipped into a downtrend. The asset, after consolidating very hard along the $23 price zone, slipped to $21 and is currently attempting to halt the downtrend with a minor upswing. However, the flip is not completely validated as buyers and sellers are currently fighting for their supremacy.
Source:Tradingview Date: 11-02-2022 Time: 3:00pm
The Internet Computer price began the previous day’s trade with consolidation and later plunged drastically by more than 7% in just a couple of hours. The buyers did try their level best to uplift the price but failed eventually as the price kept dropping toward the lower support levels. Currently, the ICP price flipped after hitting the lower bottoms around $20, but still, the uptrend cannot be completely certified. The asset needs to close the daily trade on a bullish note above $23 to kick start the next day’s trade with strong bullish momentum.
The ICP price at the press time is around $21.82 with a drop of nearly 3.93% compared to the past day’s close. While the trading volume surged by more than 83% recording nearly $350 million, the market cap has faced a slash of 2.13%, yet registers above $4 billion.
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