The past 24 hours have seen the price of ICP go down but more than 5 per cent. In today’s trading session, the prices have not moved, with the cryptocurrency recording a 0.24 per cent gain in the market. Still looking at the data from the past 24 hours, the trading volume has increased to $198 million. This is a 28 per cent increase from the previous day. Looking at the charts, however, data shows a different story.
For the past few days, the prices have been trading in a sideways market. The cryptocurrency has also been trading at low prices of between $15 and 17. This is a tight range for a cryptocurrency that a year ago was trading above $750 with a lot of volatility. Today’s prices are also 97 per cent below the May 10, 2021 prices of $750, an indication of how the cryptocurrency has fallen in the past 11 months.
The prices of ICP have been trading sideways for more than a week. However, to understand the current drop in price, we have to look at how the prices dropped to the current $16 price. In May 2021, when the prices of ICP were trading at their highest, there were accusations that the founders started barring early investors from exiting their position.
Instead, the company dumped billions of dollars worth of internet computer tokens into the market. For many people, these are the events that set the current downtrend of the cryptocurrency. Since then, ICP has traded in a bearish market, losing more than 97 per cent from its all-time high, 11 months ago.
Fast forward to today’s trading session, the cryptocurrency is trading at almost its all-time low. ICP prices have also been trading sideways and within the $15 and $23 support and resistance levels respectively. Therefore, my ICP price prediction is the prices are likely to continue going down and setting new price lows. There is a high likelihood of the prices trading below $15 in the coming days.
This post was last modified on Apr 18, 2022, 15:19 BST 15:19