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Internet Computer's token ICP is trading at $20.7.
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The $28.5 level has been a lengthy support zone, and the price has now fallen through it.
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Price wants liquidity, and ICP may find it in the $28 range in the coming weeks.
It looked to break the market framework in early January, but the severe selling pressure subsequently has caused ICP to reach a new record of lows at $19.1, close below the $20.9 lows established in late December.
Two pairs of Fibonacci retracement lines were developed for various ICP movements in the last several months. They exhibited solid convergence around $39.7 and identified the $26.9-$29.7 range as one where sellers might move in with power once again.
Source – TradingView
The market structure, however, stayed gloomy. While there was a significant rise from $20.7 to $38, it was quickly followed by a massive drop. The price fell below the December lows, which was not good for the bulls.
A rise to $28 is possible, but whether it is rejected there or can advance higher to enter a demanding sector remains visible.
Another intriguing fact was that both Fibonacci groups of levels provided a 27.2 percent extension level at $10.7, which might be the price ICP trades in the future months. It is uncommon for cryptocurrencies to lose over 99 percent of their value when the initial frenzy wears off.
RSI Oversold
The RSI was rising from the oversold area. Still, it remained below neutral 50, which indicated that the bearish trend had not yet been broken, with the moderate 50 regions reviewed before a probable rejection.
The Cumulative Delta Volume revealed some demand underlying ICP's rise from $20 to $36, revealing severe selling pressure in recent weeks. ICP will most likely place a premium on the $28 range in the following weeks.