- ICP Token price falls without finding any support levels as if there is no bullish sentiment for this token.
- The token price is trading below all the critical EMAs – 50, 100, and 200 in the 4-hour technical chart.
- The ICP/BTC pair is trading at 0.0009992 BTC with an intraday fall of -7.58%.
ICP Token price listed above $600 mark has fallen below $50 and trades at $33.81, equals to a fall of more than 90% within two months of listing. The sharp fall with no intermediate support level projects an undivided bearish sentiment of investors in ICP.
In the past few sessions, the trading volume has surged massively, resulting in a further fall of the token, projecting the increase in selling pressure. However, the comparably new coin, listed just before the market turned bearish, protects some hope of a better bullish future for ICP.
The ICP token price is valued at $33.81, with an intraday growth of 21.12% in the trading volume. Furthermore, the intraday market cap has fallen 9.94% in the past 24 hours, projecting the increase in trading volume was bearish. As a result, ICP dominates 0.34% of the crypto market and secures the 24th rank in the crypto-verse.
The Uniqueness Of The Internet Computer?
The ultimate goal of the Internet Computer is to expand the reach of the public internet, so it can also be the world’s computing platform. The technological development behind the Internet Computer is Chain Key Technology, which encompasses dozens of advanced technologies such as novel Consensus, Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, etc.
Chain Key Technology consists of cryptographic protocols that compose the nodes of Internet Computers. It is one of the principal developments behind the Internet Computer, allowing it to have a unique single public key. It will enable any device, including smartwatches and mobile phones, to verify the authenticity of artifacts from the Internet Computer. On the flip side, this is not possible for traditional blockchains.
Chain Key Technology is the powerhouse that operates the Internet Computer and makes its execution possible. For example, it allows adding new nodes to form new subnets to scale the network infinitely by replacing faulty or crashed nodes with new ones and reviving subnets even if too many nodes have failed. Also, it allows upgrading the Internet Computer Protocol seamlessly, allowing the network to fix bugs and add new features.
The Worst Bearish Nightmare Turns Reality For ICP Token
Source – CoinMarketCap
ICP token price has lost more than 90% of its price value since listing above the $600 mark. The coin price chart fails to show any note-worthy bullish move despite sudden rises in trading volume.
The coin price moves below 200 EMA and 50 EMA, increasing bearish sentiments and increasing selling volume. Therefore, investors might want to avoid any bullish entry in the current market state.
The relative strength indicator generates a bearish signal as the slope falls in the neutral zone and continues to head lower towards the oversold zone.
ADX indicator implies a loss in trend momentum as the ADX dips and moves sideways, projecting consolidation of the price.
Conclusion: ICP coin price is facing bearish opposition in major timeframes, projecting zero bullish signals. The coin price may soon continue to trend lower as the selling volume increases.
Support – $27.5
Resistance – $41