ICP Price Prediction: Internet Computer at $40.99 support level, set for a bearish trend

    0
    22
    Story 491408889

    TL;DR Breakdown

    • ICP price prediction has been bearish in the last 24-hours.
    • The nearest support for the currency lies at $40.99.
    • The nearest resistance can be witnessed at $46.9.

    ICP price prediction for the past 24-hours has been bearish as the bulls were unable to take the price of the coin above the $49.9 resistance. ICP protocol represents a major blockchain innovation with a promising future. Although considering the current scenario, the prices remain bearish, down by 94.45% from the all-time high set in the month of May.

    The price movement dropped down below the support at $40.99 for a brief moment, but now, the current price rests at $40.94. We can expect higher prices if this level maintains and the price movement doesn’t fall below this support.

    ICP price movement in recent days

    The Internet Computer token has seen a bearish price action for quite a while now on the 4-hour chart. With multiple red candles forming up in the 4-hour chart, it is obvious that we are in a downtrend.

    The highest price for today was 44.36 USD, while the lowest price, for now, is 40.18 USD. The price of ICP/USDT rose by 14.6% on first October and by another 11% on 5th October. However, a bearish growth followed as the price fell by 10.75% last week, while the current weekly candle shows an 8% drop in prices.

    ICP price prediction: Technical indicators remain bearish

    The ICP price prediction for the short term remains bearish as the coin tries to maintain the current support at $40.9. The 50-day and 100-day Moving Averages are above the price action. As a result, prices are bearish in the short term, and the first key movement is to reclaim these Moving Averages.

    Another important aspect is that the price movement is attempting to break out from the lower end of the Bollinger Bands. This further means that the price action will remain bearish in the short term.

    ICP price prediction
    ICP price prediction on the 4-hour chart by TradingView

    The ICP prediction on the 4-hour chart by TradingView using the RSI indicator shows a value below 30. This indicates that the selling pressure will remain strong in the short term as the prices enter the oversold region.

    On the other hand, the MACD indicator shows a reddish histogram, indicating a surge in selling orders. The MACD line (the blue one) tried to break above the signal line (the orange one) but wasn’t able to do so. Therefore, the price momentum remains bearish on the 4-hour chart.

    ICP Price Prediction: Internet Computer at $40.99 support level, set for a bearish trend 1
    ICP price prediction on the 4-hour chart by TradingView

    ICP price prediction: Conclusion

    To conclude, we can say that the ICP price prediction leaves a bearish footprint for investors to follow. This might prove to be a great time to buy the currency, but it is also important to look at the long-term perspective of the current scenario. Currently, Bitcoin price resistance remains at $56.6k, and the chances of a price drop are higher.

    Recently, the parent company of ICP, Dfinity’s founder Dominic Williams also claimed that he is looking to explore the capabilities of ‘OnlyFans’ as decentralized projects are picking up pace. With the domination and explosion of crypto-related activities, it seems that we are in for a long ride.