- The token has gained bullish momentum over the past few days.
- The pair of ICP/USDT is trading at the price level of $4.967 with a gain of 0.35% in the past 24 hours.
The Internet Computer (ICP) utility token enables users to engage in and administer the Internet Computer blockchain network. With strong bullish momentum, the token has broken out of the consolidation zone, and bulls are driving up the token’s price.
ICP on the daily time frame
Over the past few days, the token has gained bullish momentum, forming a strong bullish candle on the daily time frame. According to the daily chart, ICP token is currently trading at $4.967, up 0.35% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). Recently, the token was rejected at the $5.649 resistance level.
Relative Strength Index: The asset’s RSI curve is currently trading at 68.47, indicating that it is in the overbought zone. The rise in the token price has increased the value of the RSI curve. The RSI curve has crossed above the 14 SMA, indicating bullishness. If the price of the token rises further and breaks through the resistance level, the RSI curve will remain in the overbought zone.
Analyst view & Expectations
The token has successfully broken the consolidation zone and has begun a short-term uptrend. Investors are advised to wait for the token to break the $5.649 resistance before buying, or to buy if the token retests the breakout level and sustains above it. Intraday traders, on the other hand, have a good opportunity to go long once the token breaks over the resistance level and book profits based on their risk to reward ratio.
According to our current Internet Computer (ICP) price prediction, the value of Internet Computer (ICP) is expected to climb by 0.63% in the next few days, reaching $ 4.99. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 45. (Fear). Over the previous 30 days, Internet Computer had 21/30 (70%) green days and 11.37% price volatility. According to our Internet Computer forecast, now is not a good time to buy Internet Computer.
Technical Levels
Major support: $4.440
Major resistance: $5.649
Conclusion
According to the price action, the ICP token is in a short-term uptrend, with bulls driving up the token’s price and forming a bullish chart pattern. Investors should wait for a clear indication before acting.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/21/icp-price-analysis-token-breaks-out-of-the-consolidation-zone-whats-next/