ICP’s Price Drop Not Over Yet As It Targets The $6.00 Level

According to the crypto market tracker website, CoinMarketCap, the price of Internet Computer (ICP) has plunged by double digits over the past 24 hours.

At the time of writing, ICP’s price has fallen down to $6.65 – an 11.53% drop over the past 24 hours. Its price has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 8.53% and 6.40% respectively. As things stand, 1 ICP is worth around 0.0002916 BTC and 0.004495 ETH.

On the other hand, ICP’s 24-hour trading volume has picked up by 21.40% to $131,500,654 at the time of writing.

The daily chart for ICP shows how ICP’s price has fallen for the last 2 days, and how its price is looking to continue downwards today as its price drops to the daily 20 Exponential Moving Average (EMA) level.

In the recent downwards move, the price of ICP has dropped from its most recent daily peak of $7.84 to its current level of $6.65.

There are a few technical indicators that investors need to take note of suggesting that ICP’s price will continue to drop.

The first technical indicator is the relative position of the MACD line to the MACD signal line. Although the MACD is positioned above the MACD signal line on the daily chart, it is sloped negatively as is the histogram’s gradient.

The next bearish flag is the 9 EMA line looking to cross below the 20 EMA line.

Should these signals play out, ICP’s price could drop to as low as $6.00, which is the next major support level before ICP’s bottom.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.