Internet Computer (ICP) is trading negative, with its price around $5.6 today, May 2, 2023. The bearish sentiment has been taking control of ICP for the past two days, following few bullish days. The cryptocurrency has been affected by the downward trend in the major cryptocurrency, Bitcoin, which witnessed a 1.89% drop in the past 24 hours. Whether there could be a reversal of the negative trend is uncertain, however certain technical indicators can suggest its possibility.

At the start of this year, ICP’s price was around $3.9309, as compared to a current price of $5.719, showing a decrease of 5.99%. The market capitalization of the token has also seen a 6.50% dip in the course of last 24 hours to about $2.46 billion, with a 20.69% drop of trading volume to $60,208,714. This suggests the presence of more sellers in the market currently.

The crypto market prediction pertaining to the Internet Computer token is leaning towards a bearish trend. Out of the 28 technical indicators taken into consideration, 17 are giving out bearish signals, whereas 11 are bullish. On its daily chart, the price of the token is above both the 50-day and 200-day Simple Moving Averages, though the Relative Strength Index (RSI) reads 50.42 which points to a neutral sentiment but with higher chances of selling pressure.

The chart showing ICP’s price also displays a ‘Death Cross’ pattern, because of which the price has declined and could possibly go down further to reach the closest support level of $4.996. The other two resistance and support levels remain correspondingly at $7.449 and $4.525. Possible investments should be done keeping a balance between looking at the technical indicators and following sensible risk management strategies.



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