10 June 2023 : 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 -1.84 percent, bringing the entire cryptocurrency market to $1,043,683,938,723. The total trading volume stands at $48,428,005,205. Bitcoin shares 47.71 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $25,669.88 level after a decline of -3.76%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -5.7 percent reaching to $1,745.00 during the previous 24 hours.
While publishing this blog, BNB traded at $236.44, following a price change of -9.99%within the same time frame. XRP the native coin of XRP is down by -8.81 and currently trading at $0.49. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% 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||$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|
The daily chart of Internet Computer shows that the ICP price has a downward movement with a -12.73% decrease in past 24 hours. The price value of the Internet Computer (ICP) coin is standing at $3.75 with market capitalization $1,638,626,471.00 USD. ICP price changes -22.05% over the week while the trading volume is hovering around $47,226,859.00 USD.
ICP price analysis for 10 June 2023 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)||5.14||Sell|
|Exponential Moving Average (10)||5.14||Sell|
|Simple Moving Average (20)||5.58||Sell|
|Exponential Moving Average (20)||5.54||Sell|
|Simple Moving Average (50)||6.04||Sell|
|Exponential Moving Average (50)||6.00||Sell|
The Internet Computer has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take ICP price below the crucial support level of $4.68. 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.
The Internet Computer market is shown signs of being bearish, and sellers have the potential to drive prices of the cryptocurrency lower in the next few days. Alternatively, The price of ICP might try to break above its resistance level of $5.33. For now the coin is showing negative trend.