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- 1 ICP token price overtook the neckline of $4.40 and broke out.
- 2 Buyers have acquired momentum and are attempting to extend the gains.
Internet Computer (ICP) ICP token price showcased a turnaround from the support zone of $2.80 and has retrieved strength. The token instigated a vertical up move and is spraying inside the rising parallel channel. Furthermore, the ICP token surpassed the significant moving averages, highlighting buyers’ interest. ICP token is looming in a bullish trajectory. The ICP token was in a consolidation stage for the past number of months and is coasting in a narrow range, but did not fall much and held on to the gains. After that, the token managed to exit the range and is heading upside and noted a reversal.
ICP token price is trading close to the neckline of $4.40, forming a bullish, engulfing candlestick that represents the buying interest. Additionally, the token achieved momentum and is glancing to retest the round mark of $5.00. The token just accelerated beyond the 200-day EMA mark, and sellers were trapped now. Furthermore, the token is surging inside the channel, marking highs now.
The live price of the ICP token is $4.508, with an intraday gain of 5.20%, showing bullishness on the charts. Moreover, the trading volume increased by 2.69% to $66.66 Million, and the pair of ICP/BTC is at 0.000122 BTC. However, the market cap of ICP is $2.02 Billion. Meanwhile, analysts have maintained a technical buy rating, suggesting a growth outlook for the upcoming sessions.
Will ICP Continue to Extend Gains Inside the Channel
On the daily charts, the ICP token price was dealing near neutrality and showcased a range breakout in the past sessions. Furthermore, the price action displayed fresh buying interest. The bulls are looking strong now. Additionally, the token possessed its correction from a high of $7.00 to a low of $2.80. After that, the token supported the 23.6% Fibonacci retracement zone and escaped the 50% zone.
The RSI curve is above the midline in the overbought zone and noted a positive divergence on the charts. The MACD indicator shows a bullish crossover and formed green bars on the histogram, suggesting a positive outlook for the upcoming sessions.
Summary
ICP token price surpassed the 200-day EMA and escaped the neckline hurdle of $4.40. Furthermore, the token is witnessing buying interest and is heading to the upper level at $5.00. The token is ready to take off and may retest the trajectory highs of $7.00 soon.
Technical Levels
Support Levels: $4.30 and $4.00
Resistance Levels: $4.70 and $5.00
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
