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
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.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/02/20/icp-price-prediction-will-icp-shoot-above-16-amid-a-pullback/