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

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.

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.

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.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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