Internet Computer Hints Bearish Influence! ICP Price To Record 15% Correction Soon?

The cryptocurrency industry continues to trade under a bearish influence for a while, highlighting a strong bearish influence in the market. Further, top altcoins display significant correction in their respective portfolios, suggesting a cool-off in the price action. 

The ICP price traded in a closed range between $8.801 and $10.320 for a brief period, following which the market gained momentum and the bulls broke out of the range. The Internet Computer token jumped over 58% in valuation, after which the price faced rejection at $13.966.

TradingView: ICP/USDT

The ICP token then traded sideways for a while, following the bulls broke out of the range, but faced restriction at $15.539. After displaying a neutral trend for a while, the market lost momentum, resulting in a breakdown.

The ICP token recorded a correction of approximately 33% in valuation. The bulls quickly regained momentum and recorded a jump of 35%, following which it faced rejection at $13.966.

Since then, the price constantly traded in a closed range between $12.219 and $13.966, indicating a weak buying and selling pressure in the market. Recently, the bulls lost momentum and the price experienced a breakdown.

Will ICP Price Go Up?

The Relative Strength Index (RSI) displays a constant decline in the chart, indicating increased selling pressure in the market. Further, the averages show a drop, suggesting a bearish influence in the market.

If the bulls push the price above the resistance level of $12.219, the ICP token price will regain momentum and test its upper resistance level of $13.966 soon. Moreover, if the bulls continue to gain momentum, the Internet Computer price will attempt to test its resistance level of $15.359 in the coming time.

Negatively, if the market continues to trade under a bearish influence, the ICP token will fall and test its support level of $10.320. Further, if the bears continue to dominate the market, the ICP token will plunge and prepare to test its lower support level of $8.801 during the coming week.

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