ICP (imo) has been experiencing heavy manipulation for several weeks now. I'll go over a few of the possible reasons I think this is the case.
Very simply, the first is greed. I think this is the root of any manipulation of any market although, there can be other causes at times.
The second and more devious, but very possible reason, is threat. ICP presents an industry changing technology that could take power away from those that have it over cloud services and the internet. Just think about this for a minute - BigTech, corrupt government, regulation.. They all have this in common - using the internet as a means to manipulate and control.
ICP is taking the control of cloud and internet services out of the hands of any single entity and placing it into the hands of anyone that wants to hold it. Any application or software service or platform doesn't have to worry about being rejected by BigTech or negative influence from high officials (which as we have seen, leads to rejection by BigTech e.g. media, twitter, facebook, amzn, goog)
so the theory is this.. possible manipulation coming from any entity that is now at risk of losing control of their monopoly. ICP is what software engineers have been imagining since blockchain tech was introduced by bitcoin. To be able to build and deploy software services and applications to a platform that is managed by the developer himself. To control the internet is to control the world.. and ICP is taking away that control from those that have it.
Orrrr.... It opened crazy high on coinbase and was immediately sold off for profit by early investors, then proceeded to tank even more along with the rest of crypto during the giant sell off... Now, all of crypto is under consistent selling pressure, but ICP’s selling pressure is much higher due to the simple fact that the percentage of people w profit is way too low, which inevitably results in an avalanche of selling bc most would prefer to get out while possible and limit losses... This baby might get dropped on its head a bit longer I’m afraid, and will only reverse once no one is left to drop it further... Same principle applies to stocks or stonks or whatever else investable. No need for conspiracy here.
Having said that, I also think it has amazing potential and if all goes well, can be worth a ton more... just need to wait... like a little bit a lot longer lol
The_Yeager
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@Ob87, I agree there is definitely a technical case for price dropping. I'm am only stating what I think is a very possible case for manipulation as well.
Hokulea808
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@Ob87, lol how much is a little bit longer? Honestly though, what's your outlook. I know it can tank or not tank, and go up. But I figured I'd see what your opinion is on the matter.
Ob87
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@Hokulea808, well, I am no profit, but it at last check, its trading at low 60s on coinbase and is painfully oversold. However, just because something is oversold, does not mean it’s safe to buy (trust me I learned the hard way). All markets are based a lot more on sentiment than any other indicator, and sentiment has cooled for crypto in general.
If you want to hold for the long term, I think it’s safe to say we are approaching the end of this descending triangle, so starting a position now is not a bad idea.
If you expect huge gains in like no time at all though, I would wait until:
A. Bitcoin stops finally bleeding (it needs to hold above 40k for more than 2 min for a change)
B. Volumes (not sell side volume like we’re seeing as I type this) need to tick up (not sure how much bc ICP just listed) and daily gains hold for at least 3-4 days.
Dont rush headlong into a horde of spookd buffalos.. Want to go long? Invest a portion if u see price holds this weekend (oof weekend bloodbaths no fun for me lately), and a bit more at a time after that. Best way to save your money instead of flushing it down toilet;)
Hokulea808
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@Ob87,l lol yea, I'm not just not to keen on flushing my money down the toilet. Did you know, you're the only person who's answered a question, that I've asked, in detail and explained your response in a way, that I can actually understand. That being said, I genuinely appreciate your response.
Ob87
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@Hokulea808, so glad I could help. I know that feeling myself - ppl can be such shits fr. I used to get so frustrated and even more confused when my questions would get snarky comments or plain bullshit answers, so it feels nice to be appreciated.
Btw, I hope u held off and didn’t buy… lol it’s not exactly doing great right now, but honestly this right here seems like a bottom to me (I would still wait for a trend reversal tho or else it would just sorta stagnate at this level).
Good luck dude! :)
goeastfilm
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yes, but they have a lot of investors, investors perhaps in a fake dream or who want to control also... So what's the lowest this shit coin will go, and rise to?
looks like going up soon.
BillMeyer
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Not sure. Sounds more like evangelizing than TA.
The_Yeager
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@BillMeyer, it is definitely beyond the definition of TA. But evangelizing is a little bit of a stretch :) I do believe that Dfinity will receive a lot of push back against ICP because of the reasons I spoke of.
Having said that, I also think it has amazing potential and if all goes well, can be worth a ton more... just need to wait... like a little bit a lot longer lol