Internet Computer (ICP) is currently the worst-performing cryptocurrency in the top 100, with its price dropping by 10% today.
Despite the recent dip, technical signals hint it might not last, and many analysts believe prices will likely rise again.
ICP Heads South
The asset’s price recently dropped to a low of under $3, reaching a one-week minimum. Its total market value also fell, reaching about $1.6 billion.
ICP’s recent price drop is happening alongside a wider downturn in the crypto market. Bitcoin has fallen below $80,000, and other well-known cryptocurrencies like Worldcoin, Cronos, Arbitrum, and Aptos have all decreased in value by 7-8% in the last 24 hours.
Coinbase may have also contributed to the recent decline of Internet Computer. They recently stopped offering six ways to trade ICP for other currencies, including pairings with USDT and GBP.
When a major cryptocurrency exchange takes these kinds of actions, it can decrease how easily affected tokens are bought and sold, making it more difficult for traders to open or close investments. This reduction in trading options usually leads to lower trading activity and can shake investor confidence, particularly when the crypto market is already declining.
However, it’s important to remember that completely removing all services related to ICP on Coinbase would have likely caused a much bigger and faster drop in price.
The digital asset is still listed on many popular exchanges like Binance, Bybit, Bitget, and OKX. Recently, Upbit, a major exchange in South Korea, added it to their platform, which caused the price of ICP to jump by 16%.
Resurgence Comes Next?
ICP’s Relative Strength Index (RSI) suggests the recent price decrease might be ending and prices could start to rise again. The RSI, which ranges from 0 to 100, indicates when something is oversold or overbought. A reading below 30 means the price has likely fallen too fast and a price increase is possible. Conversely, a reading above 70 suggests a price drop could happen soon. Currently, ICP’s RSI is around 28, indicating it may be oversold.
Experts at Kong Trading and JAVON MARKS are optimistic about the future of the coin. Kong Trading pointed out that nearly 50% of the coin is currently held in long-term staking, meaning people are committing to hold it for years.
“That’s not weak conviction. Hard to ignore when supply keeps tightening like this,” they added.
I’ve been watching ICP closely, and I saw JAVON MARKS pointing out a Falling Wedge pattern, which usually signals a potential price increase. They think a breakout could send the price soaring – potentially up 300% to over $10 – and could even be the beginning of a major turnaround for the coin. It’s definitely something I’m keeping an eye on!
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2026-05-14 20:22