The Internet Computer has appeared as a disruptive innovation in tech where the platform offers an open alternative to traditional centralized IT like cloud services or databases. This computing platform is backed by advanced blockchain technology and runs at web speed and web-level efficiency. Entrepreneurs and developers can build next-generation blockchain codes with this platform, serving every aspect of World Wide Web users.
The native token of this platform is ICP which enables users to participate in the network governance and boost the computation power of the platform. ICP token became publicly available in February 2018, but its presence in the industry was strong after it became transferable on 10 May 2021.
Since the launch, the ICPUSD price failed to show any strong buyers’ interest due to the absence of strong fundamental events. As a result, on the Binance launching date, the price closed the daily candle at 365.05 level, from where the selling pressure pushed bears to reach 4.71 as the lowest level.
What is the latest ICP Price Prediction? Let’s see Internet Computer (ICP) Price Prediction from Internet Forecast today:
ICPUSD: What Should Bulls Focus On?
The long-term trend of ICPUSD remained bearish, where sellers kept pushing the price with impulsive selling pressure over the last few trading months. However, the previous two week’s price action showed less trading activity in this instrument, where the trading range was tight between 6.47 swing high to 4.60 swing low.
The above technical analysis shows the ICPUSD daily chart, where the bearish trend is easily visible. As the broader crypto market is under pressure, ICPUSD bulls failed to make new swing highs and continued the bearish momentum with multiple bearish rejections from dynamic 20 EMA resistance. Furthermore, the indicator window shows how the RSI level remains steady below the neutral 50 level, where the chance of testing the oversold 30 level is high, pushing further pressure on bulls.
In Internet Computer Price Prediction, investors need a strong reason to buy this instrument where the bullish CHoCH pattern at the 6.47 resistance level would be the first sign of the trend change. On the other hand, the current long-term trend is still bearish that may extend the momentum if a bearish rejection appears from the 20 DEMA.
ICPUSD Ichimoku Cloud Analysis
According to the Ichimoku Cloud ICP Coin Price Prediction, the ICPUSD market trend is strongly bearish as the recent bullish recovery above the Cloud support failed to hold the momentum. As a result, the market momentum shifted to the sellers’ direction where the Senkou Span A aims lower in the future cloud, indicating further bearish pressure.
In this indicator window, the sellers' dominance is clearly visible from the Traders Dynamic Index Indicator, a unique tool to measure bulls/ bears momentum. The current TDI line is below the 50 level, signifying that the market momentum is towards sellers' direction. The TDI line is yet to test the oversold zone, extending the bearish pressure in the price chart.
According to the ICP forecast, the current market trend is bearish, which may extend the momentum in the coming days. Before opening a bearish position, investors should closely monitor how the price reacts to the dynamic Tenkan Sen resistance. Any bearish price action from the 5.10 to 5.50 zone would be a decent selling opportunity in this pair.
ICPUSD Intraday Price Action Analysis
In Internet Computer price prediction, the H1 chart shows how bears are stronger than bulls in the intraday price. From the visible range, the highest trading volume is available at the 5.67 level, which was a strong sellers zone. The latest high volume levels are also supportive for bears by remaining above the current price.
This technical analysis shows how the dynamic 20 EMA remains above the price to provide a minor resistance. In addition, the weekly VWAP is also above the price, pushing downside pressure by working as a resistance level.
In that case, the primary aim of this pair is to test the near-term support of the 4.60 level as the existing selling pressure is backed by the high volume level at 5.67. On the other hand, a strong bullish recovery above the 5.67 level is needed to consider it a trend change. In that case, the price may extend the bullish momentum towards the 6.47 resistance level.
Is Internet Computer (ICP) A Buy?
According to Graph (ICP) Price Prediction, the ICPUSD price is likely to extend the current bearish momentum, followed by the broader crypto market crash. In this context, 6.47 is the critical flip zone for this pair, where a bullish recovery above this zone would indicate a trend change.
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