- Internet Computer up by 5%, trading at $2.63.
- ICP’s trading volume has exploded by over 185%.
Internet Computer (ICP) has opened the day trading at $2.47. Later, with a bearish encounter, the price dropped to a low of $2.36, and a sudden bullish shift triggered it to climb higher to $2.68. If the bulls stayed in the ICP market for a longer period, there are chances for more upside correction.
With a 5.12% gain, Internet Computer is currently trading at around $2.63. Moreover, the daily trading volume has skyrocketed by over 185.95%, reaching the $156.15 million, as per CoinMarketCap data.
Zooming in on the trading pattern of the ICP reveals that if the bulls gain enough strength, the price might rise to the $2.67 resistance. Assuming the upside pressure is powerful, it could initiate the golden cross to unfold, and gradually trigger the price up, above $2.71.
On the flip side, a bearish move would push the Internet Computer price down to the support level near $2.59. With the correction on the downside acquiring further traction, the death cross might emerge and take the asset’s price toward the $2.55 range or even lower.
Early Bullish Signals Appear in Internet Computer’s Chart
The Bull Bear Power (BBP) reading of Internet Computer stationed at 0.266 indicates moderate bullish pressure. The buyers currently have the upper hand, pushing the price slightly above its average level. If it continues to rise, the bulls will get strengthened.
ICP’s daily Relative Strength Index of 68.40 suggests strong bullish sentiment, with buyers in control. The asset still has some room to move up, but it may get close to a level where a short-term consolidation could occur.
If RSI rises above 70, it may signal the asset’s overbought territory, while a move back toward 50–60 would cool momentum.
In addition, the MACD line and the signal line have crossed over the zero line, showcasing that the bullish momentum is present but may weaken. The market is building a positive trend.
Moreover, the CMF indicator value of 0.27 implies strong buying pressure in the ICP market. Notably, the capital inflow is significantly higher than the outflow, and the buyers are actively accumulating.
If it stays at these levels or rises further, it can likely support continued bullish momentum and potential upside in price.
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Source: https://thenewscrypto.com/internet-computer-icp-bulls-step-in-can-the-momentum-carry-the-price-higher/
