In this month of April, many Altcoins have undergone significant corrections and even Internet Computer Protocol (ICP) he does not escape from this situation. Currently, with a price of $13.75 on a monthly basis it recorded a loss of 24%, following however an excellent close of March with a gain of 49%. On annual basishowever, ICP’s growth stood at +4.5%, while in 2023 it recorded a final performance of +283%.
Internet Computer Protocol slows down and goes red in April
$ICP was born in 2021 and was developed by Definity Foundation. This is an ambitious project that aims to decentralize the execution of smart contracts and web applications across a network of independent computers.
The ecosystem of Internet Computer Protocol it is active and full of important news. Tomorrow one is expected Space on X of 24 hours, focusing on what’s new at ICP Hubs Global Townhall. This event also represents an important meeting opportunity for the community.
The price of ICP on the main ones exchange took place in May 2021 with a large valorization, with a price around $400. However, the subsequent trend was strongly bearish, leading the price to hit a low of $2.84 in 2023.
Historical overview of the Internet Computer Protocol
On the monthly chart let’s observe the trend of the last two years, during which the price formed a large box in which the price has moved between September 2022 and December 2023. The price of $ICP reached a high last September low at $2.84 from where a slow rebound phase began.
With December 2023, a strong one was witnessed bullish acceleration and congestion box breakout, which led to 193% monthly growth. Here, ICP has achieved the former resistance – target at $16, from where a correction phase began. This level corresponds to 38.2%. Fibonacci retracementscalculated from the high of $37.90 in January 2022 to the all-time low of $2.84.
The situation on the Internet Computer weekly
Moving on to examine the weekly chartwe can observe the movements in detail Internet Computers has done since the beginning of the year. After meeting the first resistance at $16, the price underwent a corrective phase, falling to the level of support area $9.50 from where it started to rise again.
In March, the price of $ICP surpassed the $16 level and reached the target we hadindicated on January 31st:
.. The break out of $16 is essential to confirm the strength of the ongoing bullish trend.. – .. The main resistance that $ICP must reach and exceed It’s available for $20..
Alex Lavarello – Analyst of Criptocurrency.it
Price divergence and RSI
Looking at the weekly chart, you can see how the price made a high at $20.98 and stopped at the resistance. Furthermore, we have reported at the bottom of the graph the RSI indicator, who showed a divergence significant compared to the annual peak reached on the resistance.
Internet Computer Protocol dropdown to support
From the grip of the resistance the price of Internet Computers it has started to retrace especially during the last few weeks, taking April into negative territory. However, observing the chart you can see how in the retracement phase the price stopped atsupport area at $12.
On the daily chart, we can see how the price, during the rebound from the support, grew by around 35%, reaching what has become the short-term resistance at $16. $ICP made a high of $16.36 three days ago and started to retrace to the current price of $13.75. Level that must be maintained to continue this rebound attempt.
