Is Internet Computer dying like Terra? ICP price’s 98% decline shows so

image from medium.com
image from medium.com

YEREVAN (CoinChapter.com) – Internet Computer Protocol (ICP) has surged by nearly 6% to $8.56 this May 17, but that has not deterred the token from pursuing its overlong bearish bias.

Internet Computer (ICP) price action on May 17. Source: CoinMarketCap.com
Internet Computer (ICP) price action on May 17. Source: CoinMarketCap.com

In detail, ICP now trades almost 98% below its all-time high of $450, established almost a year ago. Its massive move downside prompts fears that ICP could meet the same fate as Terra (LUNA), which virtually erased all its value in a major price crash last week.

Also read: Internet Computer (ICP) token soars over 50% in just five days into the new year—what’s next?

However, LUNA slumped rapidly within a week, which is unlike ICP, whose decline happened slowly and steadily since its trading debut across mainstream crypto exchanges such as Coinbase and Binance.

Ascending triangle spells ICP selloff risks

The digital asset formed a bearish pattern dubbed the Ascending Triangle. It entails a flat resistance line that caps the upside attempts and a rising support trendline. The Triangle predicts a decline after the asset exhausts the formation despite the ascending lower trendline. Moreover, the decline could equal the maximal distance between the trendlines, which targets the ICP price at $6.0.

Internet Computer (ICP) four-hour chart, featuring an ascending triangle. Source: TradingView.com
Internet Computer (ICP) four-hour chart featuring an ascending triangle. Source: TradingView.com

The trading volume for the coin has also decreased by 50% over the previous week. Notably, ICP’s overall circulating supply increased 2.7% to over 233 million. As a result, the current circulating supply stood at roughly 48% of its maximum supply (481.6 million).

Also read: Bitcoin retail interest dips massively as BTC price drops below $30K-support again.

Moreover, many users on the project’s Reddit thread agree. One of the traders asserted that they would wait until ICP drops to $3 to enter the market. The ICP adoption also grew with Binance now offering loans, using Internet computer coins and Monero (XMR) as collateral assets.

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