Internet Computer Analysis: Will ICP reach the level of $6?

• Internet computer (ICP) is currently trading at $4.17 with a rise of 6.17% in the 24 hours.
• ICP live market cap is $1827511867.
• The Internet computer price is observing an increase of 5.77% in the last 7 days.

Introduction

 A radical rethinking of blockchain design is incorporated into Internet Computers (ICP). ICP is powered by innovations in cryptography. ICP provides the first “world computer” blockchain that can be used to obtain almost any online service, including demanding web social media without the need for traditional IT support. It is also used to build cloud-based computing services. As such, it enables end-to-end decentralization.

 

The ICP token has some main utilities. Internet Computer (ICP)  provides a source of cycles that are burned to power computation. ICP can be staked in the permissionless network nervous system DAO that governs the Internet Computer blockchain. ICP creates voting neurons that generate voting rewards. ICP plays the role of a store of values. ICP allows users to invest in decentralization sales run by the web3 service.

Internet Computer (ICP) Price Analysis

 

ICP Price is currently trading below the 200-day EMA and 50-day EMA on the daily time frame, which is a negative sign. Investors’ sentiments regarding ICP are negative and are on the selling side.

The technical indicator MACD is also in the negative zone. The MACD line at -0.216 and signal line at  -0.277 are below the zero line which suggests the MACD is in negative territory and giving the bearish signals.

The current value of RSI is 45.76 points and the 14 SMA line is currently below the median line around 35.04 points which shows bearish sentiment in the market. The 14 Day SMA line below the median line indicates a bearish trend. Bearish sentiment is spreading around the market as the price is currently at an oversold zone.

Trendline Analysis

The price has respected its major trendline support and it is going toward resistance. 

Volume Analysis

The Internet Computer (ICP) trading volume of 24 hours is $22340952 with a 114.40% increase in volume in the last 24 hours. There is no substantial boost in the volume of the coin.

 

Technical Levels

Support – The current support level of ICP is $3.394.

Resistance –The current Resistance levels of ICP are $5.91.        

Conclusion

Internet Computer is facing a tough time in the market. The price action suggests that the price may fall more in the upcoming days since the price broke its major trendline support level. Stargate Finance Network’s price shows a pessimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD are giving negative signals about the Stargate Finance Network coin. The fear is growing among investors because of the poor performance of the coin. Recovery signs are not visible in the coin as well.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision please consider your risk profile and circumstances.