Internet Computer (ICP) Momentum Fades — Price Risks Falling to New All-Time Low

Key Takeaways

• Internet Computer (ICP) broke down from a diagonal support.
• ICP also broke down from a short-term ascending parallel channel.
• Will ICP fall to a new all-time low, or can it begin a bounce?

ICP rallied after falling to a new all-time low in November 2023, increasing by 600% in less than 200 days.

However, the trend turned bearish in March 2024 and accelerated once the price created a lower high in November.

ICP risks falling to a new all-time low with its most recent rally faltering. Let’s examine the charts and see how likely this is.

ICP Price Breakdown

The weekly time frame analysis shows that the ICP price has fallen since its cycle high in March 2024.

The price broke down from a long-term ascending support trend line at the start of the year, confirming its correction has started.

ICP fell below the $7 horizontal support area shortly after the breakdown, confirming its long-term bearish trend.  The next closest support is at $3.20, a level not reached since 2023.

Technical indicators are bearish, supporting the continuation of the decline. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.

The RSI is below 50, while the MACD is negative; both show a bearish trend. So, the weekly time frame chart gives a bearish ICP price prediction, suggesting new lows are likely.

Further Downside Likely

The daily time frame chart gives a bearish ICP price prediction.

According to the wave count, the price is in the fifth and final wave (red) of a downward movement that started in December 2024.

Initially, it seemed the wave five may have ended on April 7 (green icon), but the corrective bounce of wave two led to another breakdown.

So, wave five has extended, with the sub-wave count shown in black.

If accurate, the ICP price is in sub-wave three, usually the sharpest portion of the decline.

The main target for the end of wave five is $2.69, which gives it 0.618 times the length of waves one and three combined.

The RSI and MACD support this outlook since the former is below 50 while the latter has made a bearish cross (black circle), both bearish signs.

New ICP All-Time Low

The ICP price bounced on April 7 but failed to sustain its upward movement, breaking down from an ascending parallel channel.

The wave count predicts a bearish ICP price, indicating it will fall to a new all-time low.  If the decline continues, the ICP price can fall to a low of $2.69.