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- Internet Computer (ICP) is performing better in value realization.
- ICP bulls celebrate 8% weekly gain amid weak market sentiments.
- After a long time, the RSI indicator moved out of the halfway point.
The Internet Computer (ICP) price leaves the selling area in the middle of the price recovery phase. Price forecast shows bullish price structure in higher time frames like daily and above. Buyers are buying on a downside strategy after a reversal from the monthly low.
At the time of writing, Internet Computer (ICP) price is trading at the $4.07 mark against USDT at press time. Despite the weak market sentiment, ICP token outperformed USDT. In the intraday trading session, the bulls formed the third green candle with a gain of 1.47%.
At the time bulls are attempting to close the daily price candle above $4.0 mark to record more rally. Meanwhile, trading volume is increasing gradually in the market. It reported $26.1 million as per overnight data. Since last week, Internet Computer price shows bullish territory when buyers celebrate 8% gain this week.
As buyers attempt to maintain today’s price closing above the $4.0, bears are also waiting for the next bullish hurdle retest. Interestingly, the $3.5 mark has a vital demand zone of buyers. Amid these bullish circumstances, the weekly RSI is moving out of the oversold zone. This bullish divergence may help buyers to hit $4.6 resistance soon.
The bulls successfully closed the daily price candle above the 20 and 50 day moving averages. Later, the 50 DMA became the most recent support area for Internet Computer Coin.
On the daily price chart, the RSI indicator has crossed the halfway point after a long uptrend. Moreover, the RSI indicator is moving towards the neutral zone to leave the negative territory soon.
Conclusion
This week’s Internet Computer (ICP) price is likely to sustain above the $4.0 level. The bears will attempt to sell at the resistance line for the correction phase.
Support level – $3.5
Resistance level – $4.6 and $6.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
