Internet Computer (ICP/USD) Market Enters Oversold State
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Internet Computer Price Prediction – May 12
The ICPUSD market enters an oversold state at $11.000 support. The price of Internet computer has been heading to the downside since the overbought indication by the Stochastic Oscillator in late March.
Nevertheless, the overall trend of the market remains bullish. The price of Internet Computer rallied alongside the major trendline since January 2024. According to the Stochastic Oscillator, the market is now in an oversold state. This implies that a bullish move is impending. Moreover, ICPUSD is set to hit the major trendline, thereby increasing the chance of the market resuming its bullish trend very soon.
ICP/USD Market Key Levels
Resistance levels: $16.280, $20.960, $23.510
Support levels: $11.000, $9.530, $7.330
ICP/USD – Daily Chart
The ICP/USD daily chart showcases that the market is now in an oversold state as it approaches the major trendline.
The major trendline has been acting as a diagonal support since January 2024. Following the invalidation of the high at $11.900, ICPUSD continued upward until the resistance at $16.280 was met.
Owing to the resistance, a major correction ensued. This led the price downward until it reversed at the discount zone, giving rise to the emergence of the major trendline.
How will the ICPUSD market likely react to the major trendline?
The previous reactions at the major trendline indicate the presence of the bulls at every bounce off the diagonal support. The immediate previous reaction, though, is yet to cause a BOS (break of structure) to the upside.
The impending retraction from the major trendline is likely to lead the market into another upward break in structure. However, a rapid surge invalidating the $16.280 swing high is highly probable.
ICP/BTC Price Analysis
ICPBTC is also in a discount zone. Similar to the ICPUSD daily chart, the Stochastic Oscillator also indicates that Internet Computer is already oversold.
The recent invalidation of the 0.00020 swing low is likely a sell-side liquidity grab. This implies that the price is expected to experience a massive surge to the upside soon.
Internet Computer (ICP) Current Statistics
The current price: $11.840
Market Capitalization: $5,980,000,000
Trading Volume:$93,490,000
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