The Internet Computer (ICP) token revealed a sharp reversal from the 50-Day EMA mark and exhibited a rounding bottom formation on the charts. A morning star candlestick followed by a bullish marubozu pattern was noted near the support zone of $10, from where reversal was glimpsed. Afterward, the token regained momentum and recovered over 45% in the previous two weeks.
ICP has gone past significant moving averages and is heading to surpass the prompt hurdle of $16 to enter into the bullish zone. The token has started to form fresh higher-high swings and is exhibiting follow-on buying momentum. The continuation of bullish cues toward $16 shortly is anticipated.
The Internet Computer token (ICP) price was $14.09 at press time, with an intraday drop of 2.73%, reflecting neutrality on the charts. Moreover, the trading volume increased by 2.91% to $221.34 Million. The pair of ICP/BTC is at 0.000272 BTC, and the market cap is $6.47 Billion. Analysts are neutral and suggest that the price will retest the upside of $16 in the following sessions.
ICP On Daily Charts Reflects Buyer Accumulation
On the daily charts, the ICP token price has reflected a reversal from the 50-Day EMA mark and has replicated a V shaped reversal. Furthermore, the token has exhibited an uptrend and has done its retracement to the 38.2% zone where profit booking ended and fresh buying interest was developed leading to a reversal. A momentum spike too the price above the neutral region.
The RSI curve is near 60 showing a negative divergence which replicates a volatile outlook on the charts. However, the MACD indicator shows a bullish crossover and displays a bullish crossover suggesting that the token may hit the upside levels of $15 – $17 soon.
ICP On Weekly Charts Reveals Rejection From 100 Day EMA
On the weekly charts, the token price has reverted from the demand zone of $3 and a massive recuperation in the past months, leading to a trend reversal. Despite the setbacks, the token has managed to hold and led a sharp jump, revealing investor interest. Above the 100-Day EMA, fresh buying momentum could trigger a rally toward $18, which if breached, would lead investors to make fresh positions.
Summary
Internet Computer (ICP) token has highlighted a bounce from its key support zone of $10 and fresh buying momentum was noted in the last few sessions. Moreover, the token is heading to strike the prompt hurdle of $16, which if escaped, the token may reach $20 soon.
Technical Levels
Support Levels: $12 and $10
Resistance Levels:$15 and $16
