After the price decline, ICP dropped to the 55th largest cryptocurrency.
ICP is the worst performing cryptocurrency today (at least among the top 100), recording a 10% price drop.
However, some technical indicators suggest that this may just be a short-term pullback, while many analysts support the bullish scenario.
ICP Presidents South
Just a few hours ago, the asset’s valuation fell to a one-week low under $3, while the market capitalization fell to nearly $1.6 billion.
It is important to note that the negative performance of ICP is in line with the overall correction sweeping across the broader cryptocurrency market. Bitcoin (BTC) slid Below $80K, while popular altcoins such as Worldcoin (WLD), Cronos (CRO), Arbitrum (ARB), and Aptos (APT) are down 7-8% over the past day.
Meanwhile, Coinbase could also have played a role in the internet computer crash. Recently, that It has been removed Six non-USD trading pairs, including ICP/USDT and ICP/GBP.
Such actions by one of the largest cryptocurrency exchanges reduce the liquidity of the affected tokens and make it difficult for traders to enter or exit positions. Less trading options often mean less volume and weaker investor confidence, especially amid a crypto decline.
At the same time, one should keep in mind that if Coinbase had removed all ICP-related services, the impact would likely have been much more severe and could have led to a more severe price collapse.
The asset remains available on several well-known exchanges, including Binance, Bybit, Bitget, OKX, and more. Two months ago, South Korea’s leading trading platform Upbit also joined the bandwagon, Inflame 16% increase in ICP prices after the news.
Renaissance comes next?
The ICP’s Relative Strength Index (RSI) indicates that the decline in prices may soon be replaced by a recovery. The technical analysis tool ranges from 0 to 100, and readings below 30 indicate that the valuation has fallen too much, too quickly, which could pave the way for an upward move. Conversely, anything below 70 is considered a warning of an impending correction. Currently, the Relative Strength Index stands at around 28.
Analysts such as Kong Trading and JAVON MARKS expressed confidence in the currency’s outlook. the previous male Nearly half of the ICP supply is locked in staking, with people committing for years.
“This is not a weak conviction,” they added. “It is difficult to ignore when supply continues to shrink in this way.”
For their part, Javon Marks recently Argue The ICP has shown a falling wedge pattern and is showing signs of strength. They believe a potential breakout could trigger a 300% move above $10 and “may serve as the start of a larger reversal.”
