ICP Plunges 99.7%: Will It Recover or Crash Further?

Internet Computer (ICP) is one of the most severely battered cryptocurrencies in the market. Despite trading as low as $2.06, a mere 0.3% of its all-time high of over $700 reached in May 2021, some analysts believe that ICP might be due for a comeback.

The asset's price has plummeted by an astonishing 99.7% from its peak, with its market capitalization shrinking to around $1.14 billion, placing it at the 60th spot among cryptocurrencies. However, industry participants point out repeating patterns that could signal a potential rebound.

Certain analysts have noted strong accumulation of ICP over the past month, reaching a score of 100, which in the past has been followed by significant price increases. Additionally, some predict that as long as the price remains above $1.94, a bullish breakout path could lead to a rise to nearly $9.

On the other hand, others like Cryptographic and Crypto Patel expect ICP's decline to continue. They believe that if $2.10-$2.12 turns into resistance on a retest, the breakdown could worsen, with $1.67 as a major downside area. The HTF chart projects a potential move toward $1, with $0.50 remaining the next major target.