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The cryptocurrency market is progressing with the pullback this week as pressure mounts on major assets like Bitcoin (BTC) and Ethereum (ETH). Mid-cap altcoins like ICP have not been spared, with the market wading in the sea of red. At the time of writing, Internet Computer price remains relatively unchanged in 24 hours and trading at $5.25.
Support at $5.00 is the last line of defense and must be defended at all costs to allow bulls to push for the resumption of the uptrend. Otherwise, if broken, ICP would be forced to seek support at $4.00.
Internet Computer Price Holds onto A Loose Thread – Here Are the Levels to Watch
Internet Computer price sits on top of confluence support slightly above $5.00. This buyer congestion was formed by the 50-day Exponential Moving Average (EMA) (in red) and the 100-day EMA (in blue). Keeping the integrity of this buyer congestion is top on the bulls’ priority list.
The first time Internet Computer price attempted to crack the critical resistance at $6.00 in confluence with a twice tested falling trend line, odds flipped against the bulls, culminating in declines to $5.00.
Therefore, it would be prudent for bulls to collect as much liquidity as possible before attempting another breakout. Already sidelined investors should take advantage of the pullback to $5.00 to get on the train before it leaves the station.
Buy orders may be triggered as ICP rebounds from the confluence support at $5.00 with the first cash out tentatively at $6.00 for day traders. The second bunch of orders may preferably be placed above the same price level at $6.00. However, a break and hold beyond the 200-day EMA (in red) could go a long way to reinforce the bullish outlook in ICP for gains eying $10.00 and $14.00, respectively.
From the same daily chart, it can be deduced that sellers have the upper hand, at least for now. Notice the sell signal from the Moving Average Convergence Divergence (MACD) indicator.
As the MACD line in blue slides below the signal line in red and toward the mean line at 0.00, the path with the least resistance tends to quickly flip on the downside. Investors should closely watch the MACD’s movement beneath the mean as it could trigger another sell-off, possibly below the next support at $4.00.
Where Is ICP Headed – Insights from Short-Term Analysis
The four-hour time frame chart affirms the growing bearish grip on Internet Computer price. A sell signal from the Super Trend technical indicator is calling on more traders to short ICP. Like a moving average, the Super Trend overlays the chart, but it goes further to incorporate the average true range (ATR) readings in its calculations to gauge market volatility.
A sell signal manifest after the Super Trend flips above Internet Computer price while changing the color from red to green. As long as it holds in this position, the odds stay in favor of the bears and declines intensify. The opposite of this is true with ICP regaining strength as the Super Trend trails it on the chart.
The Money Flow Index (MFI) in the same time frame adds credence to the pessimistic outlook in ICP. As observed, the MFI is falling sharply in the neutral area after being rejected from the overbought region.
Like the Relative Strength Index (RSI), the MFI underlays the char while taking into account the velocity of the volume. A consistent drop implies that more money is flowing into Internet Computer markets compared to the inflow volume.
That said, if the prevailing technical outlook does not change in the near term, Internet Computer price may have to drop below $5.00 and possibly stretch the leg to $4.00 to collect fresh liquidity.
Such a drop although not preferred, could be a blessing in disguise because it would offer an opportunity to sidelined investors to buy lower-price ICP tokens. As demand increases behind the token, Internet Computer price would then rebound and push for gains to $10.00 and $14.00.
Internet Computer Alternatives to Buy Today
Before buying ICP, investors may want to consider some of the best crypto presales in the market. A dedicated team of experts reviews various tokens every week to come up with a list of the best altcoins to buy as you build your crypto portfolio.
For instance, Meta Masters Guild (MEMAG) is an emerging web3 and gaming cryptocurrency project that is grabbing the attention of the market. In a few weeks, their presale has managed to accrue an astounding $4.13 million and continues to sell out in a flash.
Unlike other play-to-earn ecosystems, MEMAG concentrates on introducing enjoyable games for users. They earn a special in-game currency called Gems, which can be traded for MEMAG tokens and staked to gain even more rewards.
Additionally, there are plenty of other ways to earn from this ever-growing platform, such as game development, supplying in-game items, and content creation.
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— Meta Masters Guild Games (MEMAGX) (@MEMAGgames) February 8, 2023
Those who may want to invest in Meta Masters Guild should click the link below to learn more about the presale and seize the current opportunity before the price rises again.
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