ICP volume even when the broader market is bullish
key points:
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ICP Rebound But Volume Is Less Than Most Major Cryptos
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ICP needs to break the 38.2% Fibonacci resistance at $23.15 for the trend to be confirmed.
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Broader market momentum is still a major factor.
Internet computer (icp/usd) is on an uptrend for the last 48 hours. This is in line with the broader market, which has been in the green as bitcoin bounced off the $32,800 low.
However, unlike most major cryptocurrencies, ICP’s rebound has not been strong. For most of the past 48 hours, the ICP has been in a range of $21.18 below the 23.6% Fibonacci resistance.
Internet computers haven’t gained traction yet
With Internet computers, the blockchain eventually becomes what it always was – an open and distributed medium for applications. revolutionary designUnlocking the full potential of smart contracts Proves that this technology has much more than just storing financial transactions or data securely. The purpose of the Internet computer is to create a decentralized economy as a whole.
While it has a powerful value proposition, Internet computers haven’t had their best performance since its launch. Issues related to its decentralization came to light a few months after its launch. The price then declined from $400 to below $30.
Internet Computer is currently trading at $21.64 and has been rising for the past 48 hours. This is in line with price action in the broader cryptocurrency market.
ICP Price Prediction
Source: TradingView
On 1 hour chart, ICP has been gaining momentum since last 48 hours. However, for most of that time, volumes have remained low, and ICP is consolidating below the 23.6% Fibonacci resistance at $21.18.
It has managed to cross the 23.6% Fibonacci resistance in the last 6 hours itself, but volume is low. If volumes remain low, there is a risk that ICP could drop below the $21.18 price level. In such a case, ICP can easily drop below $20.
However, if the broader market holds firm, ICP may not only stay above $21.18 but also break the 38.2% Fibonacci resistance at $23.15. In such a case, ICP can easily trade above $25 during the week.
Post Internet Computer Price Prediction: Is ICP Stopping at Key Resistance? The coin appeared for the first time on the journal.