Internet Computer (ICP/USD) Market Faces Sustained Selling Pressure Beneath Descending Resistance Trendline
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Internet Computer Price Prediction — June 8
ICP/USD market faces sustained selling pressure beneath descending resistance trendline. ICPUSD remains under bearish pressure, as confirmed by its key technical indicators.
The 9-day simple moving average (SMA), currently around $5.090, is capping recent price action, reinforcing short-term bearish momentum. Meanwhile, the RSI (Relative Strength Index) sits near 48, indicating a lack of strong bullish momentum and leaning towards neutral-to-bearish sentiment. Until RSI shifts decisively above 50 with volume confirmation, the current market structure supports further downside potential.
ICP/USD Market Key Levels:
Resistance levels: $6.130, $6.820, $7.760
Support levels: $4.960, $4.000, $3.000
ICP/USD – Daily Chart
The ICP/USD daily chart shows a decline alongside the diagonal resistance as bearish trend continuation looms.
On the price chart, ICPUSD continues to respect a dominant descending trendline that has consistently rejected bullish attempts since April. The price action remains compressed below key resistance at $6.130, with multiple Break of Structure (BOS) events validating the prevailing bearish market structure.
The highlighted Order Block (OB) and Fair Value Gap (FVG) around $6.00-$6.130 provided a strong supply zone, triggering renewed selling. Recent price rebounds from support near $4.960 have been weak and corrective rather than impulsive, further signalling limited bullish conviction.
What is the projection for the ICPUSD market?
Looking forward, unless ICPUSD can decisively break and hold above the descending trendline and $6.130 resistance, the bias remains bearish. A failure to maintain support at $4.960 could open the path towards $4.00, a key psychological level and historical demand zone. If bearish momentum accelerates, a move toward the next major support around $3.00 could follow.
ICP/BTC Price Analysis
ICPBTC is trading below key resistance at 0.0000500 and struggling to break above the highlighted supply zone. A bearish order block formed after the break of structure (BOS), followed by a failed bullish breakout at the buy-side liquidity (BSL).
Price is currently below the 9-day SMA, indicating continued downside pressure. If rejection from the resistance zone holds, the next support lies around 0.0000470 to 0.0000450.
Internet Computer (ICP) Current Statistics
The current price: $5.290
Market Capitalisation: $2,860,000,000
Trading Volume: $73,210,000
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