Internet Computer 2023: Can ICP Price Jump By Resisting Trendline?

• 1 The Internet Computer price increased 1.05% in the last week and trading in between major EMAs.
• 2 The price of the ICP coin is trading at $3.10300000 and the 52-week trading range is $2.85960000 – $8.20000000.

A new consortium of leading Web3 and AI projects in Asia, called ICP Asia Alliance, has been launched with the goal of transforming the Web3 and AI landscape. The consortium will use the Internet Computer protocol to create a decentralized global computer, to build a platform for innovation and collaboration in the fields of Web3 and AI. The consortium will also promote the development and adoption of ICP crypto and other related technologies.

The launch of ICP Asia Alliance could have a significant impact on ICP crypto’s price, depending on its success. If the consortium attracts more projects and partners to join its platform and creates value for the Web3 and AI ecosystem, it could increase the demand and adoption of ICP crypto, which could trigger a price rally.

On the other hand, if the consortium fails to deliver on its vision or faces competition from other platforms, it could damage the reputation and credibility of Internet Computer and its partners. This could result in a loss of confidence and support for ICP crypto, which could cause the price to consolidate or drop to a new low.

The Internet Computer (ICP) maximum market cap is $1,564,401,594, assuming all 510 Million ETH tokens are already in circulation. As per Coingecko, which is a crypto analysis website, this is a theoretical value that shows the full potential of Internet Computer. However, the actual number of ETH tokens in circulation may be lower, depending on how they are distributed over time. Therefore, it may take several years before the maximum market cap is reached.

ICP crypto surged by 5.06% in market value and plummeted by 20.86% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $1,379,765,326 and its trading volume is $19,747,656. There are 446,067,339 ICP in circulation.

Moreover, Internet Computer (ICP) open interest is $17.29 Million, as per Coinglass, which is a crypto analysis website, it rose by 15.02% in the previous session. The long versus short ratio for 24 hours is 0.9623. The total number of short positions added in the last 24 hours is $27,518.048 against longs of $37.30.

ICP Coin Price Technical Analysis in the 1-Day Timeframe

ICP coin has been performing well this month, as it increased 5.15% in its price. However, it has suffered a significant loss in the past six months, as it has decreased by 49.07%. The year-to-date performance of the ICP coin is also disappointing as it shows a negative return of 21.59%. These figures indicate that the ICP coin is facing some long-term challenges, but has some short-term potential in the competitive cryptocurrency market.

Therefore, the ICP price might keep going down and find new support levels at $3 and $2, if it cannot hold the current level.

On the other hand, if the ICP price stays at the current level and breaks above the previous high, then it might surpass the previous resistance levels of $4 and $5.

Source: ICP/USD.1D.BITFINEX by TradingView

Source: ICP/USD.1D.BITFINEX by TradingView

At the time of publishing, Internet Computer (ICP) is trading between the 20 and 50-day EMAs (exponential moving averages).

The MACD line at 0.03078224 and the signal line at 0.03704715 are below the zero line both lines cross each other showing a bull crossover is observed in the MACD oscillator, where the histogram width is lean showing consolidation.

The current value of the RSI is 51.91 points and the 14-day SMA is above the median line at 47.86 points, showing the curve is taking support from 14 SMA, but at a neutral line indicating neutral symptoms in crypto price.

Conclusion

ICP price highlights the neutral sentiments and perspectives of investors and traders regarding the ICP in the daily time frame. The technical parameters of the ICP price suggest the continuation of the consolidation over the daily time frame chart. Moreover, ICP price action highlights a sideways view at the time of publishing.

Technical Levels:

• Support levels: $3 and $2.
• Resistance levels: $4 and $5

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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