During the weeks leading up to the Federal Reserve meetings, a sense of caution prevails among investors, prompting many to adopt a wait-and-see approach. Recent data indicates a decrease in this year's interest rate reduction forecasts by 50 basis points, making it imperative for everyone to monitor changes in members' three-year average predictions. Any substantial upward revisions in the three-year interest rate trajectory could result in challenging times for risk markets, including the cryptocurrency sector.

Analysis of ICP Coin

After a remarkable surge to four-digit price levels, the debate surrounding the likelihood of ICP Coin dropping below $10 has gained attention. Its entry into popular centralized exchanges was met with enthusiasm, portraying it as a revolutionary internet protocol aligning with the decentralized Web3 narrative. However, subsequent revelations exposed its centralized nature, with the foundation retaining control and lacking the revolutionary technological advancements initially touted. Price fluctuations, dipping from around $1000 to below $10, underscore the volatile journey of ICP Coin.

Price Forecast for Internet Computer (ICP)

Potential investors eyeing ICP Coin would ideally prefer to enter the market when its value is under $10 rather than near $1000. Recent market shifts saw the price dip to $10.84, with the CMF indicator signaling a bearish trend against the previous uptrend. The loss of upward momentum suggests the possibility of further corrections for ICP Coin.

Conversely, ICP Coin witnessed a substantial $15 million decline in open interest within three days, indicating waning market enthusiasm. The $56 million open futures position underscores the diminishing interest. A breach of the key support level at $10.83 would mark the fifth successful bearish attempt since January.

With ICP Coin at risk of touching its lowest point in six months, there is a potential test of $9 as the next support level. Despite the recurring support at this level and Bitcoin's price striving to reclaim $70,000, a rebound at the support could lead to renewed efforts towards $12 and $12.9. Speculation about future price movements remains uncertain, leaving room for unpredictability.