There is a sense of caution during the weeks leading up to the Fed meetings, and investors generally prefer to stay on the sidelines. Following the latest data, this year’s interest rate cut predictions have dropped to 50bp, and everyone wants to see how members’ 3-year average forecasts have changed. If we see significant upward revisions in the 3-year interest rate path, risk markets, including crypto, could face discouraging days.
Should You Buy ICP Coin?
After reaching four-digit prices, the discussion about whether ICP Coin will fall below $10 is humiliating. It had a very ambitious start. I remember the day it was simultaneously listed on popular centralized exchanges like it was yesterday. Back then, it was touted as the new internet protocol, a new attempt fitting the fully decentralized Web3 narrative.
It was later understood that it wasn’t that decentralized. The foundation was going to keep control of everything, and it didn’t have the technical miracles as described in the stories. Sometimes disappointments can push the price, which was around $1000, below $10 for a long time. This was the brief story of ICP Coin.
Internet Computer (ICP) Price Prediction
Of course, if you are going to buy ICP Coin, you would want to do it when its value is below $10, not around $1000. The price fell victim to the recent downward trend and dropped to $10.84. The CMF indicator is giving bearish signals under the upward trend. The upward trend for ICP Coin has been lost, and deeper corrections may occur.
On the other hand, ICP Coin’s open interest dropped by $15 million in just 3 days. The $56 million open position size in futures confirms the lack of interest. If the key support at $10.83 is lost, it will mark the fifth successful attempt by the bears since January.
ICP Coin, which risks falling to its lowest level in six months, may test $9 as the next low level. However, since this support level has been maintained five times and BTC price is trying to reclaim $70,000, a possible bounce at the support could see a new attempt at $12 and $12.9. Of course, no one, including the author of these lines, knows for sure what the future price will be.
