Home / Analysis / Crypto / Internet Computer (ICP) Price Nears Collapse From 473-Day Support — All-Time Lows Possible

Internet Computer (ICP) Price Nears Collapse From 473-Day Support — All-Time Lows Possible

Published
Valdrin Tahiri
Published
By Valdrin Tahiri
Edited by Ryan James

Key Takeaways

  • Internet Computer (ICP) is increasing alongside a diagonal support.
  • The Internet Computer price faces long-term horizontal resistance at $15.
  • Can ICP increase and reach this resistance, or will it fall to new lows?

Internet Computer has performed terribly since its launch, trading constantly downward. The price has fallen 99% since its launch price of over $400, culminating with an all-time low of $2.88 in September 2023.

Despite some brief signs of a recovery, ICP has repeatedly failed to sustain any breakout attempts. On the contrary, ICP now risks a breakdown from a long-term support trend line, which could send it to new lows.

Let’s look at the charts and see if there is any hope of saving a breakdown.

ICP Bounces at Support

The weekly time frame chart shows that ICP has increased alongside an ascending support trend line since October 2023. It has bounced at the trend line several times (white icons), most recently this week.

While following the trend line, ICP has faced resistance at $15. While the ICP price briefly moved above the resistance area in March (black circle), it failed to sustain the increase and fell below it, creating a deviation.

Combining the ascending support trend line and the $15 horizontal area creates an ascending triangle, considered a bullish pattern. If a breakout were to happen, traveling the entire pattern’s length would lead to a high of $28.

ICP Increase
ICP/USDT Weekly Chart | Credit: Valdrin Tahiri/TradingView 

Despite the seemingly positive price action, technical indicators give mixed signs. The Relative Strength Index (RSI) is at 50, while the Moving Average Convergence/Divergence (MACD) is just above 0 despite making a bearish cross.

So, the ICP price movement and indicator readings are not in accord, failing to confirm the trend’s direction.

ICP Breaks Down

While the ICP price action and indicator readings do not align, the wave count is decisively bearish. The most likely count shows that ICP has completed a five-wave increase (white) starting in September 2023 and ending with the aforementioned deviation in March 2024.

If the count is accurate, ICP is currently in wave C of an A-B-C corrective structure (black), which will cause a breakdown from the ascending support trend line.

Giving waves A:C the same length leads to a target of $0.46, a new all-time low ICP price.

ICP Count
ICP/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView 

So, while a short-term bounce could occur, the most likely wave count suggests a breakdown is the most likely future outlook, taking the ICP price to a new all-time low.

Bearish ICP Price Trend

The ICP price saved a breakdown from a long-term ascending support trend line by initiating an ongoing bounce.

However, indicator readings show weakness, and the wave count suggests that more downsides are likely. So, while a short-term bounce could occur, an eventual breakdown is the most likely future outlook.

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.
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