Can Internet Computer (ICP) Price Turn Green This Week?

Internet Computer (ICP) price faced a challenging week, which ended in a breakeven scenario. 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 to the week, ICP failed to capitalize on 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 are likely considering whether to hold ICP. 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 stint last week, ICP managed to stay above the support this week indicating a stability in the price. Also, the weighted sentiment curve seemed to be improving in recent sessions, indicating a potential recovery. 

The positive sentiment curve has improved due to which the overall sentiment curve has edged closer to the zero line. It improved from that of a bearish zone as per the santiment 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 EMA. However, the short term trend outlook seemed to be sideways at the moment, majorly depending on a decisive move by ICP. 

At press time, ICP was consolidating near the demand zone, waiting for a directional push. Now, if the price breaks out of the consolidation phase, it may recover towards the $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.