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- 1 Internet computer’s price is currently trading at $3.24 while witnessing a gain of 3.24% during the intraday trading session.
- 2 ICP price has soared above 20-day exponential moving averages.
- 3 The year-to-date return of Internet Computer is –17.77 %, while one weekly return is 9.46%.
Internet computer (ICP) crypto price began its bearish journey after facing rejection near the $4.50 psychological level in July. The cryptocurrency price consolidated between $4 and $4.50 for several days in July.
ICP price attempted thrice to close above $4.50 but was unsuccessful. The presence of bears was strong, which didn’t let the price rise and close above it, which induced a negative sentiment in the market.
ICP’s price fell and broke the support of $3.65. After the meltdown, the price again got stuck in a narrow consolidation zone, hovering between $2.85 and $3.05. On 28 September, the ICP price finally broke the consolidation and is headed toward the next resistance level of $3.40.
If bulls push the price above $3.40, the cryptocurrency price might rise toward the next support-turned-resistance level of $3.65. On the other hand, if the price faced rejection from $3.65, it might return to the support level of $2.85.
The current market structure shows a significant rise with the participation of bulls in the market. The asset price has entered into recovery mode. ICP price has a long way to go to retest the annual high.
Dfinity Foundation Announces ICP Asia Alliance
DFINITY Foundation has launched the Internet Computer Asia Alliance and a $20 million grant fund to assist the evolution of blockchain and artificial intelligence in Asia.
Internet Computer Asia Alliance will assemble universities, developers, community members, government organizations, investors, and technology entrepreneurs to build a collaborative, educational, and innovative platform to encourage the adoption of the Internet Computer (IC).
Will the ICP Price Touch $5 in October?
The cryptocurrency price has climbed above 20-day exponential moving averages, suggesting increased bullish participation. The 20-day EMA previously acted as a resistance for the price after the start of the downtrend.
The Chaikin money flow score has surged above the 0 mark and currently trades at 0.08, indicating strength and capital inflow in the market. The relative strength index has crossed neutral territory positively and trades at 58.16, indicating bullish momentum in the price.
The Bollinger bands have started to expand, implying a rise in volatility. The long-short ratio is 0.82, with 45.27% longs and 54.73% shorts, implying a higher number of selling positions in the last 24 hours.
Conclusion
Internet computers’ market structure and price action have turned bullish after the breakout from the narrow consolidation zone. Technical parameters favor buying, but traders should be cautious around $3.40.
Technical Levels
Support Levels: $2.85 and $2.60
Resistance Level: $3.40 and $3.65
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
