- Summary:
- The internet computer price continues to consolidate after failing to hit the long-term $4.6 support level.
The internet computer price continues to consolidate after failing to hit the long-term $4.6 support level. Today, the price is down by almost two per cent at press time and looking poised to continue dropping throughout the session.
The Internet computer rose to fame immediately after its launch due to its quick ascension to becoming the fourth-largest cryptocurrency within its first week at the time. At its peak, it was trading at over $700 and had a market capitalization of over $18 billion. What was more amazing about this feat is it was achieved four days after its launch.
However, following its peak on May 10th, where it traded at $750, its prices started to plummet. At the time, many accused the project’s backers, who included Polychain Capital, Andreessen Horowitz (a16z,) CoinFund, Multicoin Capital, and Greycroft Partners, of having started the process of dumping their cheaply acquired tokens.
Today, Internet Computer price continues to struggle in the markets and has dropped by more than 99 per cent to its current price of $4.85. It is also trading close to its all-time price low.
Internet Computer Price Prediction
As shown above, the Internet COmputer price has been in an aggressive bearish trend for more than a year. Today, it is down by almost 2 per cent, continuing consolidation near the $4.6 support level.
Looking at the chart below, the current price consolidation is likely to trigger another strong bearish trend which will see prices hitting the $4.6 support level and trading below it. I also expect the internet computer price to enter into a long-term bearish trend that will push it down below the $4 price level.
However, should the price close above the monthly price of $6.1, my bearish analysis will be invalidated. It will also signal that we have entered a bullish trend.
Internet Computer Daily Chart
