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Internet Computer (ICP) price entered a downtrend marked by a significant correction from its local high of $21.28. This major decline brought the price to its current range between $12.1 and $14. ICP price continues to trade within the critical range of $12.1 to $14, characterized by two significant daily base plateaus.
What’s Happening with ICP?
During this period, ICP price remains confined between the 100-day and 200-day exponential moving averages, reinforcing this range and explaining the recent price movement following the sharp correction from the local high of $21.28.
The current price range between $12.1 and $14 is critically important due to the overlap of technical indicators, especially the daily base plateaus and exponential moving averages. This convergence can create a solid support and resistance zone.
Ichimoku Cloud or Ichimoku Kinko Hyo stands out as a comprehensive technical analysis tool used to identify trends, support and resistance levels, and potential buy or sell signals, consisting of several components working together to provide data:
The shaded area between two lines (Senkou Span A and Senkou Span B) indicates support and resistance zones. If the price is above the cloud, it signals an uptrend; below it, a downtrend.
ICP Chart Analysis
Baseline: It can be tracked as a mid-term indicator that takes the average of the highest and lowest dip values over the last 26 periods. It serves as a fundamental support or resistance level and helps determine the overall trend direction. The one-dimensional base line plateaus at approximately $12.65 and $13.79 are significant points within this range. These base lines derived from the Ichimoku Cloud represent equilibrium levels where the price tends to rise, thus explaining the current consolidation.
More important than the one-dimensional basal plateaus are the weekly basal plateaus at $8.13, $10.62, $11.92, $14.05, and $21.28, representing critical support and resistance levels. Weekly base plateaus have a stronger impact and provide a broader context for potential long-term price movements.
