Internet Computer: Will ICP Price register rise from $5 support?

• Internet Computer Price struggles to defend the $5.00 support.
• ICP Price formed a double top pattern and trading near to neckline support.
• The ICP crypto price drops below the 50 and 200 day EMA. 

Internet Computer (ICP) price formed a double top pattern and buyers struggled to defend the neckline support at $5.00. ICP Price tried multiple times to break the $7.00 hurdle but got sharp rejection. It shows sellers are active and dominating on the higher levels. 

ICP crypto price faced hurdle 200 day EMA and also drops below the 50 day EMA showcase trend is downward direction. However, the EMAs are sloping sideways, denoting prices might consolidate in a narrow range for base formation. 

The volatility in the ICP crypto is high and speculative spikes are also visible. Therefore, until prices breakout from the $7.00 hurdle the sustainability of the up-move will be doubtful. 

Internet Computer Price is trading at $5.192 with an intraday decline of -0.59%. The 24 volume to market cap ratio is 0.0047. The pair of ICP/BTC is trading at 0.0001916 with an intraday decline -0.57%. 

The chart structure ICP with the BTC pair is forming quite a similar pattern. It shows sellers are active on both the pairs. 

In the month of April, ICP Price tried twice to break out of the 200 day EMA and $7.00 hurdle. Sadly, it faced rejection and prices began to decline. It eroded the majority portion of previous gains.

Will Internet Computer Price defend $5.00 support

The downfall in Internet Computer price halted near to $5.00 which is acting as a strong support. The trading volume is in a declining phase shows less participants are active and prices are likely to consolidate near the demand zone. 

If the buying volume increases and price succeeds to break out of the 200 day EMA, the possibility of trend reversal will increase. Moreover, till price holds the $5.00 support the downside seems to be limited. 

The positive momentum in ICP crypto will pick up after the breakout of the $7.00 hurdle. Else, the price is expected to trade in the existing range. The technical analysis suggests, ICP Price is in downtrend and short term up-move might face difficulty to sustain. 

Will ICP Price consolidate for some more time

ICP Price performed well in the past month but buyers failed to hold the higher levels. The market leader Bitcoin and Ethereum Price is turning mild bearish which is hurting the market sentiment. If the sell off continues in the crypto market leaders, it might negatively affect the prices of Altcoins. 

The technical indicators like MACD curve is trading closer to the 9 period EMA line and sloping sideways. It indicates prices lacked direction and expected to consolidate more before deciding the next direction. The RSI at 43 sloping down denotes mild weakness. But it is near to oversold territory and short term relief rally may trigger from lower levels. 

Conclusion

Internet Computer (ICP) Price formed a double top bearish pattern. However the price is near to the demand zone and bears seem to be lacking the downside momentum. The technical analysis says, till ICP crypto holds $5.00 the short term up-move is possible. 

Technical levels

Resistance levels: $7.000 and $8.000

Support levels: $5.000 and $4.500

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.