ICP Crypto Sees Volume Declines: Investors Waiting For Discount?

• The Internet Computer price followed an uptrend in the short term.
• ICP price was down by 98% from its all-time high price of $750.73.

The total number of Internet Computer (ICP) token holders has stayed constant for a long time, resulting in 1.6M holding addresses. This showed confidence in the ICP crypto holders for its future performance.

The Internet Computer token has a strong market presence, followed by a market cap dominance of 0.18%. Its market cap was worth $3.770B, making it the 23rd largest cryptocurrency in the global crypto market. The token’s market cap has advanced by 1.3% over the last 24 hours from the press time.

Despite this, the traded volume witnessed a decline of 6.8%, followed by a decrease in the token’s demand. This resulted in lower liquidity followed by a volume/market cap ratio of 1.99%.

The ICP price was highly volatile, resulting in a high volatility of 8.3%. The maximum supply of the token further was infinite.

Internet Computer Token Derivatives Data Analysis

The Internet Computer token’s liquidation has recently witnessed a strong decline. This showed a drop in the trader’s engagement in the token’s derivatives.

The derivatives traded in the token declined by 5.8% in the last 24 hours from the press time. This resulted in a traded value of $77.63M, while the token’s open interest witnessed an advance of 6.3%.

Additionally, larger shorts values were liquidated in the token in the last 24 hours. This showed sellers were ruling over the price, and longs worth $33.31K were liquidated. Also, the shorts liquidated in the token were worth $9.70K.

ICP Token Technical Analysis

The ICP coin price witnessed firm profit booking over the last three months, leading to a more than 60% decline in price.

At press time, the ICP price prediction suggested that the token price took support at the lower levels. Also, It formed a double bottom. The earlier declining behavior of the token price led to a falling wedge pattern on the daily chart.

Recently, the token price broke out above the falling wedge pattern, but no surge in the price momentum was recorded. Thus, the price must further break above the strong resistance levels to prove its potential.

Internet Computer Protocol Token Technical Indicator Analysis

The Internet Computer price struggled at the 20-day and the 50-day EMA, and the EMAs traded in a death cross. This exhibited a prior existing downtrend in the token’s price. Also, the 50-day and the 200-day EMAs have traded in a death cross.

The MACD line further advanced to the medium level of the MACD indicator, and the MACD and the signal line traded in a golden cross.

The RSI value further broke out above the 14-day SMA and took support. It further traded above the 50-level, which showed the probability of a rise in price momentum.

If the ICP crypto price further declines to the lower levels, it might take support at $4.0 and $6.0. This would be followed by the resistance levels of $13.60 and $20.0.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.