The Internet Computer (ICP) price is currently facing a bearish outlook in the world of altcoins. The price of ICP dropped to $10.84 recently, sparking concern among investors. The Chaikin Money Flow (CMF) indicator, which measures accumulation and distribution of assets, shows a downtrend in ICP. This indicates an increase in selling pressure, with the indicator falling below the uptrend line. Traders in the futures market are also taking a step back, with open interest declining by $15 million in just three days. This uncertainty among investors has led to a sense of skepticism towards the future of Internet Computer.
The critical support level for ICP currently stands at $10.83, which has held strong since January despite multiple attempts to break it. If the price of ICP dips below this support level, it could mark a six-month low for the altcoin. Analysts predict that the price could potentially slip further to test $10, and even drop below $10 to test $9 as support. However, if the altcoin manages to bounce back from this critical support level, it could potentially reach $12, with a breakthrough at $12.9 invalidating the bearish outlook for ICP.
It’s important to note that the information provided in this article is for informational purposes only and should not be considered financial or investment advice. Market conditions can change quickly, so it’s essential to conduct thorough research and consult with a professional before making any financial decisions. BeInCrypto is committed to providing accurate and unbiased reporting, but it’s crucial for investors to stay informed and aware of any potential risks associated with trading altcoins like ICP.
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