Internet computer hints bearish influence! ICP price soon to record 15% correction?

The cryptocurrency industry has been trading under a bearish influence for some time and is having a strong bearish impact on the market. Additionally, the top altcoins have seen significant corrections in their respective portfolios, suggesting that price action has cooled.

ICP price traded in a closed range between $8.801 and $10.320 for a short period of time, after which the market gained momentum and the bulls broke out of the range. The value of the Internet Computer Token soared more than 58% before the price declined to $13.966.

The ICP token then traded sideways for some time as the bulls broke out of the range, but faced a limit of $15.539. After a neutral trend for a while, the market lost momentum and crashed.

The ICP token recorded a correction of approximately 33% in its valuation. Bulls quickly regained momentum and posted a 35% surge before being rejected at $13.966.

Since then, the price has continued to trade in a closed range between $12.219 and $13.966, indicating weak buying and selling pressure in the market. The recent uptrend lost momentum and prices experienced a collapse.

Will ICP prices go up?

The Relative Strength Index (RSI) continues to trend downward on the chart, indicating increasing selling pressure in the market. Additionally, the averages are trending downward, suggesting a bearish impact on the market.

If the bulls push the price above the resistance level of $12.219, ICP token price will soon regain momentum and soon test the upper resistance level of $13.966. Moreover, if the uptrend continues to gain momentum, the Internet Computer price will attempt to test the $15.359 resistance level in the coming days.

Negatively, if the market continues to trade under bearish influence, ICP token will fall and test the $10.320 support level. Additionally, if bears continue to dominate the market, ICP token could plunge and prepare to test the lower support level at $8.801 next week.