The Internet Computer is an open-source public blockchain network powered by smart contracts. Faster transaction processing, high scalability, and nominal transaction costs are the striking features of this network. It also provides a robust platform for building decentralized apps, introducing advanced versions of existing Ethereum dApps, and facilitating on-chain transactions. ICP is the in-house token of this ecosystem and the technical analysis is as follows:
On Jun 14, 2021, ICP opened at $64.37. On Jun 20, 2021, ICP closed at $47.21. Thus, in the past week, the ICP price has decreased by roughly 27%. In the last 24 hours, ICP has traded between $44.22-$50.01.
Currently, ICP is trading at $45.39. The price has decreased from the day’s opening price of $47.21. Thus, the market seems bearish.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.
Currently, the RSI indicator is at 32% - very close to the ‘oversold’ territory. It faced rejection at 38% and fell to the current level. Hence, selling pressures are very high. Heavy offloading of crypto will push the ICP price further down.
Besides, the OBV indicator has fallen steeply. Thus, selling volumes are much higher than buying volumes. High selling activity will exert downward pressure on the ICP price. In short, all three oscillators have given bearish signals.
Currently, the price is below the Fibonacci pivot point of $47.15. It may soon fall below the first and second Fibonacci pivot support levels of $44.93 and $43.57, respectively.
The price has tested and fallen below the 23.6% FIB retracement level of $45.59. The price may soon fall below the 23.6% FIB extension level of $42.85 as well. Thus, as of now, the price downtrend is strong and hence the price may continue falling tomorrow as well.