Internet Computer token (ICP) has been in a relatively tight range over the past few months, fluctuating between $3 and $3.40. This is indicative of a lack of investor interest and numerous instances of selling pressures that have dragged down the price by more than 55% over the same period. At present, ICP token is trading below the 200-day exponential moving average (EMA) of $4.50, attempting to break this hurdle. The recent internet computer hosted meeting on Oct 5th have acted as a catalyst for buying pressure, driving the price towards the immediate neckline of $3.20. To reverse the trend, the trajectory hurdle of $3.50 will need to be broken.
At the time of writing, the ICP token price was $3.116, showing a 1.43% intraday increase. The trading volume was also positive at $15.10 million, along with the ICP/BTC pair at 0.000112 BTC. However, the market cap of the token is at $1.39 billion.
The daily charts show that the price is hugging the 20-day EMA, narrowing the range consolidation move. The ICP token is too close for comfort to the 38.2% Fibonacci retracement circlement, as well as the lower Bollinger band indicative of a downward trend. Nonetheless, the bulls have kept the support around $3.00, successfully defending it for some time. The relative strength index (RSI) remains near neutral territory but indicates that buyers are on the prowl in anticipation of a bullish crossover. Meanwhile, the moving average convergence divergence (MACD) registered a bullish crossover on the histogram bars, a trend reversal may be lying in the wait.
To summarize, ICP token price has been trading sideways in a narrow range, right up against the 20-day EMA. Both the bulls and the sellers are trading closely in a consolidating market, but the indicators suggest that the buyers are looking for a strong pullback to attempt to breach the 200-day EMA near $4.00. Support levels are at $3.00 and $2.50 respectively, and resistance levels lie at $3.40 and $4.00.
Lincoln James
- 2023-10-08
What Is Happening with ICP Token Price?
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