Internet Computer Price Analysis: ICP Up By 6.54%, Time to Buy?


  • Support for the bears has been established at $4.68
  • The EMA(50) is currently at $6.00.
  • The current trading volume of Internet Computer is at $236,293,377.00.
  • Internet Computer currently trades near $13.21

29 February 2024 : In this article we will walk you through Internet Computer price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Internet Computer, Is ICP a good investment? Internet Computer support & resistance levels etc. But before diving deep into the ICP technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,306,277,948,782. The total trading volume stands at $155,762,294,326. Bitcoin shares 52.95 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $62,158.45 level after an upward movement of 3.3%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 4.08 percent reaching to $3,412.31 during the previous 24 hours.
While publishing this blog, BNB traded at $406.76, following a price change of -0.21%within the same time frame. SOL the native coin of Solana is up by 17.57 and currently trading at $131.15. Additionally, XRP reached $0.61 after seeing a uplift of 7.98% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Internet Computer Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Internet Computer (ICP)

ICP Resistance Levels ICP Support Levels
Resistance Level 1 $5.33 Support Level 1 $4.68
Resistance Level 2 $5.65 Support Level 2 $4.35
Resistance Level 3 $5.98 Support Level 3 $4.03

Internet Computer Performance

The daily chart of Internet Computer shows that the ICP price has surged up with a 6.54% increase in past 24 hours. The price value of the Internet Computer (ICP) coin is standing at $13.21 with market capitalization $6,069,751,202.00 USD. ICP price changes 1.18% over the week while the trading volume is hovering around $236,293,377.00 USD.

Internet Computer Price Analysis

ICP price analysis for 29 February 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Internet Computer.

Moving Averages Price Indicator
Simple Moving Average (10) 5.14 Buy
Exponential Moving Average (10) 5.14 Buy
Simple Moving Average (20) 5.58 Buy
Exponential Moving Average (20) 5.54 Buy
Simple Moving Average (50) 6.04 Buy
Exponential Moving Average (50) 6.00 Buy

While ICP’s Williams %R indicator is at -71.921 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. RSI implying oversold phase while trading at 17 and is trying to break out of the bearish zone while highlighting massive bearish strength. The ICP/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market.

Conclusions

The Internet Computer market is shown signs of being optimistic, and buyers have the potential to drive prices of the cryptocurrency higher in the next few days. The price of ICP is expected to break above its resistance level of $5.33. On the other hand, if Internet Computer broke out from the bullish pattern and led its way toward support level of $4.68.