03 October 2022 : 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.
Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $936,642,515,083. The total trading volume stands at $53,583,320,840. Bitcoin shares 39.69 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,389.79 level after an upward movement of 0.96%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.54 percent reaching to $1,317.86 during the previous 24 hours.
While publishing this blog, BNB traded at $287.12, following a price change of 1.38% within the same time frame. XRP the native coin of XRP is down by -1.87 and currently trading at $0.45. Additionally, Cardano reached $0.42 after seeing a decline of -0.04% 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.
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||$6.49||Support Level 1||$5.75|
|Resistance Level 2||$6.87||Support Level 2||$5.39|
|Resistance Level 3||$7.24||Support Level 3||$5.01|
According to PriceAnalysis Market Index, Internet Computer (ICP) is trading at $6.04 with a trading volume of $33,068,896.00. However,ICP has seen a price increase of 0.95% in the last 24 hours.ICP price changes -1.01% over the week with a total market capitalization of $1,585,182,364.00 USD.
ICP price analysis for 03 October 2022 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.
|Simple Moving Average (10)||6.10||Sell|
|Exponential Moving Average (10)||6.10||Sell|
|Simple Moving Average (20)||6.11||Sell|
|Exponential Moving Average (20)||6.11||Sell|
|Simple Moving Average (50)||6.49||Sell|
|Exponential Moving Average (50)||6.48||Sell|
The ICP/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. While ICP’s Williams %R indicator is at -45.81 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The Relative strength index (RSI) for ICP Coin is currently hovering at 57 for 14-days average line, which means ICP is moving towards overbought zone. The first support level for Internet Computer is at $5.75 while the second one is at $5.39. While taking about resistance the ICP has R1 and R2 at $6.49, $6.87 respectively.
From the technical analysis, the overall trend of the Internet Computer is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if ICP manages to stay above $5.75, it can provide an excellent long opportunity for ICP communnity.