Here is the updated technical analysis for the ICP (Internet Computer) asset:
Recent Movement and Current Price
• Current Price: $7.17 (up 4.28% in the last 24 hours).
• Last 24 Hour Price Range: $7.09 - $7.18.
• Weekly Performance: Down 7.87%.
• Monthly Performance: Down 26.35%.
Technical Analysis
• Overall Trend: ICP has stabilized recently after significant declines. The price is within a descending channel, but there are signs that it may break out of this trend soon, especially considering the strong support around $6.75.
• Moving Averages: The asset is close to its 100-period moving average, which may provide resistance in the short term. Most technical signals suggest caution, with a prevailing selling bias. • RSI (Relative Strength Index): The RSI is at a neutral level, indicating that the asset is neither overbought nor oversold, suggesting a possible stabilization or reversal.
Support and Resistance Levels
• Major Support: $6.75.
• Major Resistance: $7.47 and $7.70.
Final Thoughts
Although ICP is showing signs of recovery, it still faces significant challenges, especially in the aforementioned resistance areas. For long-term investors, entries close to support may be considered, as long as they are accompanied by good risk management.
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