Many leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), are currently trading far below their historic peaks, yet none of these declines compares to the massive crash that Internet Computer (ICP) has suffered.
Despite the bloodbath, several analysts refuse to lose hope and think a resurgence could be on the horizon. On the other hand, pessimists believe things are likely to deteriorate even further from here.
The Bright Side
ICP began trading in May 2021, and during its early days, its price briefly skyrocketed above $700. What followed next was a brutal collapse, while the bear market over the past several months has only worsened its condition.
Currently, it trades at roughly $2.06 (according to CoinGecko), representing a whopping 99.7% crash from the all-time high. Its market capitalization has declined to approximately $1.14 billion, making it the 60th-largest cryptocurrency.
It may seem that all is lost for ICP, yet certain industry participants have noted repeating patterns that could open the door to a long-awaited rebound. X user CW claimed that the strong accumulation of the asset has continued for a month, reaching a score of 100. The analyst pointed out that in the past, such periods have been followed by major pumps, and we have yet to see whether history will repeat itself.
For their part, KYRA BLOOM spotted a potential buy setup. They believe that as long as the price holds above $1.94, the bullish breakout path remains valid, projecting a rise to nearly $9.
The Pessimists’ View
Others like Cryptorphic stand on the opposite corner and expect ICP to bleed even more. The analyst opined that the token is sitting at “a very interesting level” after breaking below the key $2.10 support zone.
“The important part is what happens next. If $2.10–$2.12 turns into resistance on a retest, I think the breakdown could continue, with $1.67 as the major downside area I’m watching. As long as ICP remains below the descending trendline and fails to reclaim the broken support, my bias stays bearish,” they stated.
Crypto Patel also gave their two cents, anticipating a further plunge if $2 fails to hold. “The HTF chart projects a potential move toward $1, with $0.50 remaining the next major downside target,” the market observer warned.
The post Down 99.7% From ATH: Is Internet Computer (ICP) Due for a Comeback or Total Collapse? appeared first on CryptoPotato.
