Internet Computer Plummets 99%: Will ICP Bounce or Crash More?

Internet Computer is facing a harsh reality after losing nearly all of its value from its early highs. Launched in May 2021 with a brief spike above $700, the token now changes hands around $2.06. This massive drop brings its market capitalization down to roughly $1.14 billion, pushing the asset into the 60th spot by market size.

Despite the brutal chart, optimistic market watchers see room for hope. Some observers note strong accumulation trends over the past month, which historically preceded large price pumps. Other analysts point to a potential buy setup as long as the price holds above $1.94, with a target near $9 if a bullish breakout happens.

At the same time, pessimists warn of further pain ahead. Several traders note that dropping below the key $2.10 support zone keeps the bearish trend alive. If support fails entirely, some analysts eye downside targets stretching down to $1 or even lower.

Traders should watch the $2 level closely in the coming days. Holding this line could spark a recovery, while losing it might trigger another sharp drop.