Crypto Analyst Slams Internet Computer (ICP): It's "Going to Zero" — Calls It "a Scam"

A popular YouTube cryptocurrency channel has released a scathing analysis of Internet Computer (ICP), claiming the cryptocurrency is headed for zero and labeling it as a scam.

A recent analysis by Crypto MindSet, a YouTube channel focused on cryptocurrency topics, has sparked discussion with a scathing assessment of Internet Computer (ICP). The channel, helmed by two technical analysts, slams ICP as “a scam that is going to zero.”

The analysis, which went viral with over 250,000 views in a week, delves into the technical aspects of ICP's price chart, highlighting what they deem as an absence of investment potential.

The analysts present a stark view of ICP's performance, noting its dramatic fall from an initial price of around $250 (with intraday highs reaching $800) to its current significantly lower valuation—a decline of approximately 98% since launch.

“We had to shrink the chart to show the full price history. So the starting price is about $250 for the weekly open, and you can see how far the price has fallen since then,” one analyst explains as they zoom out to display the broader time frame.

The analysis notes that in nearly 1,300 days of trading—roughly four to five years—ICP has only experienced one significant upward movement, during peak alt season between December 2023 and March 2024.

In their own words, they are going to continue to zoom in on this chart because it’s still not fully complete. So, we’re going to zoom in on this chart further to highlight the main point. In nearly 1,300 days of trading—which is a hellacious time to trade—this coin has only moved up significantly once. And that was during peak alt season, which started in December 2023 and continued until March 2024.”

A Rug Pull Allegation

The analysis culminates in a harsh verdict with one analyst directly labeling ICP a rug pull.

“This coin, ICP, is a rug pull and the rug itself. No asset that is down 99% can start a new bull market. It was launched as a scam to attract investors who later got rugged in 2022. People who bought this coin at the beginning of its journey lost nearly 98% of their investment.”

To drive their point home, the analysts use Heikin Ashi charting techniques to display the clear downtrend that has defined ICP's price action since launch. They argue that the cryptocurrency's downward movements are far more dominant than its rare upward price action.

“We are using Heikin Ashi candles to better visualize the trend. As you can see, the price has been moving downward for the majority of the time. Its downward movements are far more significant than the single brief upward movement we touched upon earlier.”

Trading Advice for ICP Fans

Despite their pessimistic outlook, the analysts offer some advice for those still interested in trading ICP. They suggest that rather than holding the asset long-term, traders should wait for a breakout above the $20 resistance level before considering short-term swing trading opportunities.

“Now, for those who are bullish on this coin and want to make money with it, don’t waste your time; they are going to scam it further. So, if you are a fan of this coin and want to make money with it, don’t waste your time holding or buying what is essentially a scam coin. Instead, we need to wait for it to break out of its range, specifically above the clear resistance around $20.

“They are going to scam this coin further. So if you are a fan of this coin and want to make money with it, don’t waste your time; they are going to scam it further. But if you are planning to trade it short-term, we can consider buying on a breakout above $20 for a potential short-term swing trade.

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