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- 1 The ICP price showcased a rebound from the 50-day EMA mark.
- 2 ICP token’s price may stretch the up move to the $20 mark soon.
The Internet Computer token (ICP) price witnessed range-bound moves and is close to surpassing the neckline hurdle of $17. The price action signifies a rebound from the 50-day EMA mark. The bulls are regaining strength and looking for a range breakout. Moreover, the token has maintained the gains and is poised to outperform soon. Along with other altcoins, the ICP token has retained the gains and begun participating in the bullish market.
The ICP token price has exceeded the key moving averages and shows a neutral stance on the charts. The technicals reveal the bounce and suggest that the token will attain a buying momentum and may surpass $20 soon. Furthermore, the structure is favorable, and the trend is intact, which may lead to short-term bullishness.
The Internet Computer token (ICP) price was $14.75 at press time, with an intraday gain of 2.81%, showing bull accumulation on the charts. Moreover, the trading volume has increased by 40.89% to $398.81 Million. The ICP token has a weekly return ratio of 16.73% and 20.46% on a monthly basis. The pair of ICP/BTC is at 0.000221 BTC, and the market cap is $6.79 Billion. Analysts are bullish and suggest that the ICP token can skyrocket and outperform in the upcoming sessions.
ICP Displays a Rebound from the 50-Day EMA; Can it Surpass the $20 Mark?
On the daily charts, the token has been in an uptrend since the start of 2024 and jumped over 140% in the past three months. Amidst the positive market sentiments, the ICP token persisted in the upward move and triggered the reversal from the lows of $5. If the token crosses the neckline hurdle of $20, it will retest the $30 – $35 range in the upcoming sessions.
The Relative Strength Index (RSI) curve stayed in the overbought zone and signified a neutral outlook on the charts. Similarly, the MACD indicator shows a bullish crossover and formed green bars on the histogram, suggesting the bullish outlook for the following sessions.
The ICP Price Retested the 100-day EMA Mark; Can Bulls Escape the Region?
On the weekly charts, the token has reverted the gains from the bottom zone of $5 and retested the 100-day EMA mark in the last session. However, the token has yet to surpass the zone and is hovering close to it, signifying the barrier created by the bears. The bulls are holding the grip and trying to split the barrier to unlock further upside.
Summary
The Internet Computer token (ICP) price has regained momentum and will retest the neutral region of $20. Furthermore, the trend is positive and the token may glimpse a bounce soon.
Technical Levels
Support Levels: $13 and $10
Resistance Levels: $17 and $20
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.
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.
