Is ICP Ready to Clear Range Above $14?

Internet Computer by DFINITY is a scalable blockchain platform designed for hosting websites, software systems, and DeFi. The ICP token is in a dilemma now and is pausing gains on whether to retest the 20-day EMA or to escape the upper trendline above $14. However, the trend reveals the consolidating move.

The ICP price is trading above the neutrality and is sustaining gains in the bullish trajectory directing the bulls’ solidity for the past sessions. Furthermore, the price action signifies that buyers are taking a gentle breath after recovering from the bottom of $5, and investors are taking their gains off the table.

The Internet Computer (ICP) crypto was at $12.75 at press time with an intraday drop of 3.66%, showing consolidation in the recent sessions. Moreover, the trading volume remained neutral and increased by 2.80% to $173.23 Million, highlighting the dilemma among investors. The pair of ICP/BTC was noted at 0.000298 BTC, while the market cap is $5.81 Billion. Analysts are bullish and suggest that the ICP price will surpass $15 soon and may reach $20 shortly.

ICP On Daily Charts Exhibit Consolidation 

On the daily charts, the ICP price reveals an uptrend and is forming higher high swings, delivering a positive outlook. Moreover, the price action indicates that the token price consolidates in a range and forms a triangle pattern above the 20-day EMA mark. Per the Fibonacci retracement levels, the ICP token price trades above the 38.2% zone and is trying to top the 50% barrier.

The relative strength index (RSI) curve flips from the top and halts near the midline of 50, which signifies a negative divergence. Furthermore, the MACD indicator shows a bearish crossover and reveals pressure by the bears.

ICP On Weekly Charts Displays Rejection From 100-Day EMA

On the weekly charts, ICP crypto showcased a massive rebound and healed over 180% in recent weeks. However, the 100-day EMA mark acted as a resistance, and bulls faced difficulty in escaping the region and revealing rejection. Amidst the positive sentiments, the ICP crypto was the investors’ favorite and persisted in spraying the gains.

Summary

Internet Computer (ICP) price is waiting to shine the gains above the barrier of $14 and is consolidating now amidst the uptrend. However, the buyers still looked confident and persisted in accumulation. Moreover, the trend favors the bulls and ICP crypto may break the walls soon and reach $15 in the following sessions.

Technical Levels

Support Levels:  $12.30 and $11.70

Resistance Levels:  $13 and $14.20

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. Investing in or trading crypto or stocks comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.