INTERNET COMPUTER PRICE ANALYSIS & PREDICTION (February 24) – ICP May Crash to $7 If This Bearish Reversal Pattern Plays

2024-2-24 09:04

Most altcoins are in red today with ICP shedding about 15% loss since the start of the week. This led to a crack below a dynamic support as it signals reversal pattern following latest bearish sentiment.

ICP witnessed a nice recovery over the past weeks but it appeared to have come to an end with the latest drops, which started after failing to surpass the $15 level on Monday.

This led to another drawdown as the crypto lost ground since then. Following a four-day bleeding, it is changing hands at around $12 at the time of writing. If the supply increases by the day, we can expect a huge sell-off in the upcoming days.

Interestingly, its bullish trajectory is still intact from a mid-term perspective. If it finds a solid threshold above last month’s support, the crypto may resume positive actions in no time.

But considering the bearish reversal pattern, which is slowly forming on the weekly chart, the selling pressure is likely to get intense in the coming weeks. If that happens, the price may break through last month’s support to print a new monthly low.

As of now, the existing bullish trend is temporarily suspended to bearish. We can expect buying to resume when ICP finds a strong support to bounce back.

ICP’s Key Level To Watch Source: Tradingview

Currently, the price is approaching the $12 level.  Below this level lies the $11.25 support, followed by $10.3. The $9.52 level is the next support to watch. A crackdown from there could activate a big sell-off to $7.

The $13.5 and $14.9 levels are now held as resistance. An increase above these levels could allow more buying to $16.3 before breaking higher for a massive rally.

Key Resistance Levels: $13.5, $14.9, $16.3

Key Support Levels: $11.25, $10.3, $9.52

Spot Price: $12.46 Trend: Bearish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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