Can Internet Computer protocol Price Show Gains This Week?
Can Internet Computer protocol Price Show Gains This Week?
Meta Description: Internet Computer price faced a challenging week, ending up near breakeven
The weighted sentiment curve has improved indicating a potential recovery in the price.
The daily chart showcases a consolidation with a potential breakout or breakdown ahead.
Internet Computer price faced a challenging week, ending up near breakeven. The price seemed to be struggling to find a clear direction and was consolidated near the demand zone for the whole week. Despite a positive start of the week, ICP failed to capitalize the gains and was consolidated.
Earlier, Internet Computer price noted a strong downturn amid the broader market's weakness. However, a recovery was noted in the market leaders after a crash in which ICP lagged and was consolidated near the support.
After a mixed to bearish performance in the first half of August, Investors might be thinking of whether to keep holding ICP or look for a better investment instrument. Let's analyze from a price perspective and try to get a clear picture of where ICP is headed next, bullish or bearish.
Weighted Sentiment Curve Indicates A Potential Recovery
After a bearish week in the last week, ICP price managed to stay above the support this week indicating a stability in the price. Also, the weighted sentiment curve seemed to be improving in the recent sessions indicating a potential recovery.
<iframe title="Santiment Chart: Negative sentiment (Total) (ICP), Positive sentiment (Total) (ICP), Weighted sentiment (Total) (ICP)" width="800" height="425" src="embed.santiment.net/chart?ps=internet-computer&pt=ICP&df=2024-02-18T18:29:59.311Z&dt=2024-08-18T18:29:59.311Z&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
Source: app.santiment.net
The positive sentiment curve has improved due to which the overall sentiment curve has edged closer to the zero line improving from that of a bearish zone as per the sentiment data. The improvement in the weighted sentiment curve indicates that the price may head for a potential recovery in the upcoming sessions.
The weighted sentiment curve reflects the combined biasness of the traders and investors. The volume to market capitalization at 1.47% suggests low volatility in the crypto. ICP ranks 24th in the crypto space with a market capitalization of $3.2 Billion.
Internet Computer Price Analysis: Breakout Or Breakdown Ahead?
The trend analysis highlights a long term bearish trend below the 200 day Exponential moving average. However, the short term trend outlook seemed to be sideways at the moment, majorly depending on a decisive move by ICP.
Currently, ICP price seems to be consolidating near the demand, waiting for a directional push. Now, if the price breaks out of a consolidation, it may resume its way for a recovery towards the major $10 level. On the contrary a break below the $6.6 level could initiate another selloff in the crypto.
At the time of writing, the RSI line was placed close to 43.7 points and that of the 14 day SMA line was placed at 39.49 points indicating a sideways trend. Moreover, a bullish crossover of both the lines was observed indicating a possible recovery in the upcoming sessions.
Internet Computer (ICP) faced a challenging week, ending near breakeven and consolidating near the demand zone. Despite a positive start, ICP failed to capitalize on gains. After a previous downturn, ICP showed stability above support this week, with improving weighted sentiment indicating potential recovery.
Moreover, the Long-term trend remained bearish below the 200-day EMA, while short-term trends seemed sideways, awaiting a decisive move. A breakout could push ICP towards $10, while a breakdown below $6.6 could trigger a selloff. RSI and SMA lines suggest a sideways trend with a possible recovery ahead.
Meta Description: Internet Computer price faced a challenging week, ending up near breakeven
The weighted sentiment curve has improved indicating a potential recovery in the price.
The daily chart showcases a consolidation with a potential breakout or breakdown ahead.
Internet Computer price faced a challenging week, ending up near breakeven. The price seemed to be struggling to find a clear direction and was consolidated near the demand zone for the whole week. Despite a positive start of the week, ICP failed to capitalize the gains and was consolidated.
Earlier, Internet Computer price noted a strong downturn amid the broader market's weakness. However, a recovery was noted in the market leaders after a crash in which ICP lagged and was consolidated near the support.
After a mixed to bearish performance in the first half of August, Investors might be thinking of whether to keep holding ICP or look for a better investment instrument. Let's analyze from a price perspective and try to get a clear picture of where ICP is headed next, bullish or bearish.
Weighted Sentiment Curve Indicates A Potential Recovery
After a bearish week in the last week, ICP price managed to stay above the support this week indicating a stability in the price. Also, the weighted sentiment curve seemed to be improving in the recent sessions indicating a potential recovery.
<iframe title="Santiment Chart: Negative sentiment (Total) (ICP), Positive sentiment (Total) (ICP), Weighted sentiment (Total) (ICP)" width="800" height="425" src="embed.santiment.net/chart?ps=internet-computer&pt=ICP&df=2024-02-18T18:29:59.311Z&dt=2024-08-18T18:29:59.311Z&emcg=1&emhwm=1&wm=sentiment_negative_total;sentiment_positive_total;sentiment_volume_consumed_total&wax=0;1;2&wc=#FF5B5B;#FFCB47;#5275FF&ws={"interval":"1d"};{"interval":"1d"};{"interval":"1d"}" scrolling="no"></iframe>
Source: app.santiment.net
The positive sentiment curve has improved due to which the overall sentiment curve has edged closer to the zero line improving from that of a bearish zone as per the sentiment data. The improvement in the weighted sentiment curve indicates that the price may head for a potential recovery in the upcoming sessions.
The weighted sentiment curve reflects the combined biasness of the traders and investors. The volume to market capitalization at 1.47% suggests low volatility in the crypto. ICP ranks 24th in the crypto space with a market capitalization of $3.2 Billion.
Internet Computer Price Analysis: Breakout Or Breakdown Ahead?
The trend analysis highlights a long term bearish trend below the 200 day Exponential moving average. However, the short term trend outlook seemed to be sideways at the moment, majorly depending on a decisive move by ICP.
Currently, ICP price seems to be consolidating near the demand, waiting for a directional push. Now, if the price breaks out of a consolidation, it may resume its way for a recovery towards the major $10 level. On the contrary a break below the $6.6 level could initiate another selloff in the crypto.
At the time of writing, the RSI line was placed close to 43.7 points and that of the 14 day SMA line was placed at 39.49 points indicating a sideways trend. Moreover, a bullish crossover of both the lines was observed indicating a possible recovery in the upcoming sessions.
Internet Computer (ICP) faced a challenging week, ending near breakeven and consolidating near the demand zone. Despite a positive start, ICP failed to capitalize on gains. After a previous downturn, ICP showed stability above support this week, with improving weighted sentiment indicating potential recovery.
Moreover, the Long-term trend remained bearish below the 200-day EMA, while short-term trends seemed sideways, awaiting a decisive move. A breakout could push ICP towards $10, while a breakdown below $6.6 could trigger a selloff. RSI and SMA lines suggest a sideways trend with a possible recovery ahead.
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