Is Internet Computing (ICP) Set to Lose $10 Crucial Support?
The value of Internet Computer (ICP) is at the deep end of the altcoins pool, and the outlook is bleak.
If it loses this critical support established earlier this year, the altcoin could hit a six-month low.
Internet computer investors turn skeptical.
ICP's price fell victim to the broader market's defeat, sending the altcoin down to $10.84. This sparked a strong backlash from ICP owners, who pulled back and completely changed their sound and behavior.
The Chaikin Money Flow (CMF) indicator shows this change with a low mark below the high line. The CMF indicator uses both price and volume to gauge buying and selling pressure and measures asset accumulation and distribution over a period of time.
It ranges between +1 and -1, with values above zero indicating buying pressure and values below zero indicating selling pressure.
In the case of ICP, the indicator showed improvement, but the weekend's decline caused the CMF to fall below the line. This failure to break the zero line indicates that the selling pressure is increasing.
In addition, traders are taking a step back in the futures market. Open interest has seen a significant decline over the past few days. Open interest refers to the total number of outstanding derivative contracts, such as options or futures, that are outstanding.
It provides insight into market volatility and the strength of price trends, with an increase in open demand often increasing market participation. However, since ICP, OI has dropped by $15 million in three days.
Read more: Internet Computer (ICP) coin calculator for beginners
Currently standing at 56 million dollars, Internet computer investors do not seem sure of a positive future for the altcoin.
ICP price forecast: A fall in hand
ICP price trading at $10.84 will test the critical support of $10.83. This support floor has not been broken despite five attempts since January this year. Therefore, a dip below it marks a six-month low for the crypto asset.
As a result, the ICP price may slide to test $10, and a more aggressive bearish environment may send it below $10 to test $9 as support.
Read More: Internet Computing (ICP) Price Forecast 2023/2025/2030
But since the altcoin has blocked a drop below this line in the past, it could do so again. A rebound would send ICP to $12 and a breach of $12.9 would invalidate the bearish study.
Disclaimer
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