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ICP 
XRP Most mainstream cryptocurrencies are in deep recession, but the decline in ICP is catastrophic
Many leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP), are currently trading at prices well below historical highs. However, none of these declines is comparable to the plunge experienced by Internet Computers (ICP).
Despite the bleak market, some analysts are reluctant to give up hope that a rebound may be imminent. On the other hand, pessimists believe that the situation may get worse.
On the optimistic side
ICP started trading in May 2021, and its price briefly soared above $700 in the early stages. A brutal collapse followed, and the bear markets of the past few months have been compounded.
Currently, the trading price of ICP is about US$2.06 (data source: CoinGecko), a drop of 99.7% from the historical high. Its market value has dropped to approximately US$1.14 billion, ranking 60th among cryptocurrencies.
For ICP, it seems that all hope has been dashed. However, some market participants have noticed some recurring patterns that could open the door to a long-awaited rebound. X platform user CW pointed out that the strong accumulation of this asset has lasted for a month, with a score of 100. The analyst pointed out that similar periods in the past have often been followed by sharp increases, and it is unclear whether history will repeat itself.
At the same time, KYRA BLOOM spotted a potential buy signal. They believe that as long as prices remain above $1.94, the bullish breakthrough path will remain in effect and predict that prices could rise to nearly $9.
Pessimists 'view
Other analysts like Cryptorphic take the opposite stance and expect further declines in the ICP. The analyst believes the token is at "a very interesting level" after falling below the key support level of $2.10.
"The key lies in the next trend. If the $2.10 to $2.12 range turns into resistance during the retest, I think the decline may continue, with $1.67 being my main downside area. As long as the ICP remains below the downtrend line and fails to recover lost support, my view remains bearish." The analyst said.
Crypto Patel also commented, predicting that prices will fall further if the US$2 barrier fails to hold. "Long-term charts suggest prices could fall towards $1, with $0.50 being the next major downside target," the market watcher warned.
