Internet Computer Protocol (ICP) was once hyped up to unimaginable levels; however, as the initial hype died down, the cryptocurrency suffered immensely. Where ICP was once trading at above $500, the price is now in double figures only. At the time of writing, ICP stands at a price of $42. The price of the cryptocurrency has declined by more than 10% in the past twenty-four hours while the trading volume has declined by 40%.
Internet Computer Protocol (ICP) technical analysis
The market sentiment for ICP is bearish. Out of the total twenty-six technical indicators, eleven are standing at a sell position with nine giving out a neutral indication and only two indication of buy. The oscillators are neutral while the moving averages suggest a strong downtrend.
ICP crypto has been identified to be forming a head and shoulder formation. The cryptocurrency has broken down from the neckline of the bearish formation which validates the analysis. The bearish H&S formation indicates the dominance of the bears in the market. The upcoming price movements may further validate the analysis as ICP coin moves downwards. The cryptocurrency may be expected to stabilize at the supporting region lying at the price level of $34. Bullish momentum can make a a comeback if the cryptocurrency stabilizes in the region.
ICP price prediction
The price predictions for the cryptocurrency are mixed. There is still debate about the discovery phase of ICP. Wallet Investor’s estimates are bearish on ICP coin even in the long-term. It estimates that ICP will fall to $3.47 in a year’s time. On the other hand, Digital Coin Price is optimistic about the price of ICP. Per their estimates, ICP crypto will be valued at $65 by the end of the year and at $185 by 2028.
