The Internet Computer (ICP) cryptocurrency is facing a crucial support level due to bearish momentum, which has led to a price drop of over 32% in the last 30 days. Currently ranked 19th by market cap at $5.83 billion, ICP is trading at $12.59, a decrease of 1.28% in the last 24 hours and over 14% in the last 7 days.

Despite the recent decline, the project has announced significant upgrades and integrations aiming to establish ICP as the “Layer Zero for Bitcoin” and enable decentralized finance (DeFi) applications built on Bitcoin's blockchain. Recently, the Internet Computer implemented an upgrade allowing ICP smart contracts to interact with Ordinals and BRC-20 tokens inscribed on the Bitcoin blockchain.

OmnityNetwork has also integrated with ICP's cross-chain "Chain Fusion" technology, enabling users to trade Ordinal-inscribed Rune tokens on ICP without gas fees or congestion on Bitcoin's network, facilitating ICP's use as a scalable base layer for Bitcoin's limited programmability.

**Technical Analysis**

In terms of technical analysis, ICP has experienced strong bearish momentum since hitting a high of $20.90 on March 27th. After multiple rejections at the ascending trendline support around $11 and the head-and-shoulders pattern neckline at the $10 zone, ICP seems poised to retest these key support levels.

Since late January 2024, ICP has formed a “head-and-shoulders” reversal pattern, with the $16.40 area serving as the right shoulder following the initial high of $20.90 as the head. The ascending trendline from December 20th has provided support, and ICP has found buyers whenever it touches this line.

Today, ICP opened at $12.860 and has fluctuated between a high of $13.086 and a low of $12.138. A successful retest of the ascending trendline or neckline support could prompt bullish activity and a return to recent highs of $16.40 and $20.90. Conversely, a break below these levels could lead to further decline towards $10 or lower.

On the 4-hour chart, ICP is trading between $12 and $13, with the Relative Strength Index (RSI) at 38, approaching oversold territory. If the RSI dips into oversold as ICP tests support, it may signal a buying opportunity.

**Analyst Predictions**

Analysts have mixed views on ICP's future trajectory. Bitnation projects ICP to reach $49.94 by the end of 2024, while PricePrediction.net predicts ICP trading between $25.14 and $29.68 in 2025.

As Internet Computer continues its blockchain upgrades and DeFi integrations, ICP may find solid support and potentially resume its uptrend. The next few weeks will be crucial in determining ICP's near-term price trajectory.