bullish

Internet Computer

Green

Coin

Internet Computer (ICP) price faced a challenging week, which ended in a breakeven scenario. The price seemed to be struggling to find a clear direction and was consolidated near the demand zone for the whole week. Despite a positive start to the week, ICP failed to capitalize on the gains and was consolidated. 
Earlier, Internet Computer price noted a strong downturn amid the broader market’s weakness. However, a recovery was noted in the market leaders after a crash in which ICP lagged and was consolidated near the support.&nbsp; 
After a mixed to bearish performance in the first half of August, investors are likely considering whether to hold ICP. Let’s analyze from a price perspective and try to get a clear picture of where ICP is headed next, bullish or bearish. 
<h2 class="wp-block-heading" id="h-weighted-sentiment-curve-indicates-a-potential-recovery">Weighted Sentiment Curve Indicates A Potential Recovery</h2> 
After a bearish stint last week, ICP managed to stay above the support this week indicating a stability in the price. Also, the weighted sentiment curve seemed to be improving in recent sessions, indicating a potential recovery.&nbsp; <iframe loading="lazy" title="Santiment Chart: Negative sentiment (Total) (ICP), Positive sentiment (Total) (ICP), Weighted sentiment (Total) (ICP)" width="800" height="425" src="https://embed.santiment.net/chart?ps=internet-computer&amp;pt=ICP&amp;df=2024-02-18T18%3A29%3A59.311Z&amp;dt=2024-08-18T18%3A29%3A59.311Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_negative_total%3Bsentiment_positive_total%3Bsentiment_volume_consumed_total&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
The positive sentiment curve has improved due to which the overall sentiment curve has edged closer to the zero line. It improved from that of a bearish zone as per the santiment data. The improvement in the weighted sentiment curve indicates that the price may head for a potential recovery in the upcoming sessions.&nbsp; 
The weighted sentiment curve reflects the combined biasness of the traders and investors. The volume to market capitalization at 1.47% suggests low volatility in the crypto. ICP ranks 24th in the crypto space with a market capitalization of $3.2 Billion.&nbsp;&nbsp; 
<h2 class="wp-block-heading" id="h-internet-computer-price-analysis-breakout-or-breakdown-ahead">Internet Computer Price Analysis: Breakout or Breakdown Ahead?</h2> 
The trend analysis highlights a long term bearish trend below the 200 day EMA. However, the short term trend outlook seemed to be sideways at the moment, majorly depending on a decisive move by ICP.&nbsp;  
<a href="https://in.tradingview.com/chart/ICPUSD/37Gpjgrw-Can-Internet-Computer-protocol-Price-Show-Gains-This-Week/"> </a> &nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a>  
At press time, ICP was consolidating near the demand zone, waiting for a directional push. Now, if the price breaks out of the consolidation phase, it may recover towards the $10 level. On the contrary, a&nbsp; break below the $6.6 level could initiate another selloff in the crypto.&nbsp; 
At the time of writing, the RSI line was placed close to 43.7 points and that of the 14 day SMA line was placed at 39.49 points, indicating a sideways trend. Moreover, a bullish crossover of both the lines was observed, indicating a possible recovery in the upcoming sessions.&nbsp; 
<a href="https://www.thecoinrepublic.com/price-prediction/internet-computer/">Internet Computer</a> (ICP) faced a challenging week, ending near breakeven and consolidating near the demand zone. Despite a positive start, ICP failed to capitalize on gains. After a previous downturn, ICP showed stability above support this week, with improving weighted sentiment indicating potential recovery. 
Moreover, the long-term trend remained bearish below the 200-day EMA, while short-term trends seemed sideways, awaiting a decisive move. A breakout could push ICP towards $10, while a breakdown below $6.6 could trigger a selloff. RSI and SMA lines suggest a sideways trend with a possible recovery ahead. 
The post <a href="https://www.thecoinrepublic.com/2024/08/19/can-internet-computer-icp-price-turn-green-this-week/">Can Internet Computer (ICP) Price Turn Green This Week?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Can Internet Computer (ICP) Price Turn Green This Week?

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