Internet Computer (ICP) has been experiencing a bearish trend, characterized by a significant correction from its local high of $21.28. This sharp decline has led to a current price range of $12.1 to $14. The price fluctuates within this range, marked by two significant one-day baseline plateaus.

The price is currently confined between the 100-day and 200-day exponential moving averages, reinforcing this range and explaining the recent price action following the sharp correction from the local high of $21.28. The current price range between $12.1 and $14 is critically important due to the overlap of technical indicators, especially the one-day base plateaus and exponential moving averages. This convergence can create a solid support and resistance zone.

The Ichimoku Cloud, a comprehensive technical analysis tool, indicates trends, support and resistance levels, and potential buy or sell signals. It consists of several components working together to provide data. The shaded area between two lines (Senkou Span A and Senkou Span B) indicates support and resistance zones. If the price is above the cloud, it signals an uptrend; below it, a downtrend.

The one-dimensional base line plateaus at approximately $12.65 and $13.79 are significant points within this range. These base lines derived from the Ichimoku Cloud represent equilibrium levels where the price tends to rise, thus explaining the current consolidation. More important than the one-dimensional basal plateaus are the weekly basal plateaus at $8.13, $10.62, $11.92, $14.05, and $21.28, representing critical support and resistance levels.

The market is currently consolidating, with the price hovering between key support and resistance levels. Continued downward pressure may lead to further declines, but consolidation above $10.62 would indicate a stabilization and neutral sentiment. A breakout above $14, coinciding with the one-day baseline plateau and the cloud itself, could lead to a retest of higher resistance levels, initially aiming towards $15.76. Conversely, a breakdown below $12.1 could see the price testing the lower support level at $10.62, aligned with the one-week baseline plateau.Traders should closely monitor these key levels to identify potential entry and exit points while considering the overall market sentiment and the potential for reversing the bearish outlook.