ICP Price Prediction: Is Internet Computer Coin The Best Crypto to Buy?
Since December 2023, the ICP token has seen around +237% gains. However, for the past few days, the coin has been declining, and it seems like it is on the verge of a reversal. Will the coin be able to hold its uptrend? Or will it lose its surge and reverse the trend? This ICP Price Prediction will give some insights in this regard.
Table of Contents
ICP – Powering Decentralized Web Services
Internet Computer Coin (ICP) is a type of digital currency which fuels the Internet Computer Network. It is a decentralized platform with the goal of transforming the Internet into a public network of smart contracts. This platform is designed to host various online services. It includes social media and e-commerce without depending on traditional IT infrastructure such as servers or cloud computing.
ICP Coin is used to pay the costs related to the computation and storage of smart contracts. It’s also involved in governing the network through a system called the Network Nervous System (NNS).
Those with ICP can stake their tokens in the NNS to create voting neurons. It means they can play a role in influencing the development of the Internet Computer. Additionally, ICP serves as a form of value storage within the web3 ecosystem operating on the Internet Computer. It also functions as a means of exchange within this ecosystem.
See related: $SUI crypto forecast
ICP Price Prediction – Will a Break below Symmetrical Triangle Pattern Trigger Bearish Trend?
The analysis of the H4 chart for ICP/USDT reveals a symmetrical triangle pattern in play since January 2nd. Currently, prices appear to be approaching the apex of the triangle. This suggests an imminent breakout in either direction.
Applying the Bollinger Bands and Stochastic Strategy, there are indicators pointing towards potential short-term price appreciation. Firstly, prices are below the lower band and exhibit a hovering pattern. Additionally, the Stochastic Oscillator is also in the oversold region, signalling a potential price reversal.
Over the past three days, prices have been consistently in the lower range of the Bollinger Bands, indicating selling pressure. Notably, the lower band aligns with the ascending trendline and the initial support level of 11.890. Prices have already broken below this level.
However, a close below this level would confirm the intensifying downside pressure. If this candle closes below the ascending trendline, it could potentially drive prices lower towards the 10.351 level. It would represent a decline of approximately 10% from the current price.
Summary
Conversely, in accordance with this ICP price prediction, the prices might reverse soon. Initial support is anticipated to prevent the prices from further falling. In such a scenario, prices are expected to reverse, and resistance will be encountered at the middle line of the Bollinger Bands at 12.454.
Subsequently, an upward movement towards the descending trendline is anticipated, coinciding with the upper Bollinger Band at 13.158. A breakout and candle close above this level would strengthen upward pressure. Thus, it could potentially propel prices towards the 14.00 level, representing a gain of 20% from the current price.
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