ICP Extends Rally as Bulls Regain Momentum

• ICP’s price recovery above key Fibonacci levels signals renewed bullish momentum
• Rising open interest highlights growing speculative activity and trader confidence
• Increasing spot inflows indicate accumulation and strong investor demand resurgence

Internet Computer (ICP) has emerged as one of the week’s top-performing cryptocurrencies after recording a remarkable price recovery. The token traded at $8.29 on November 7, with daily trading volume surpassing $1.4 billion. Over the past seven days, ICP has surged by more than 184%, lifting its market capitalization to $4.42 billion.

Strong Rebound Above Key Fibonacci Levels

ICP’s bullish momentum accelerated after reclaiming the $5.00 Fibonacci 0.5 retracement, triggering renewed investor interest. The coin has since tested the 0.786–1.0 Fibonacci range between $7.75 and $8.10, where short-term profit-taking is likely. This surge has reversed months of decline, with the 4-hour chart showing consistent higher highs and higher lows.

Besides, the Exponential Moving Averages (20, 50, 100, and 200) have aligned in full bullish order for the first time since mid-2023. The Supertrend indicator turned positive at $5.38, signaling a technical shift toward sustained upward momentum. Consequently, the price could aim for the $8.50–$9.00 region if the coin closes above $7.75.

However, immediate support lies between $5.93 and $4.84, representing previous breakout zones. A breakdown below $5.90 could signal weakness, potentially inviting a retest of deeper supports near $4.20 and $3.07, aligning with the 200-EMA around $3.98.

Open Interest and Market Participation Rise

Open interest in ICP futures has climbed sharply to $206.85 million, reflecting one of the highest levels since 2023. This rise mirrors increasing speculative activity as traders position for further upside. The resurgence in derivatives activity signals growing confidence in ICP’s short-term strength.

Moreover, the rebound in open interest accompanies broader market optimism, where participants are reentering after months of muted sentiment. Sustained growth in leveraged positions suggests renewed conviction that ICP’s bullish momentum could persist into the coming weeks.

Spot Flows Indicate Renewed Accumulation

Recent on-chain data shows improving inflows, with a $2.38 million net inflow recorded on November 7. These inflows follow several months of steady outflows earlier in the year. The pattern signals a shift toward accumulation as investors reposition near oversold zones.

Significantly, consistent inflow spikes since October underscore returning market confidence and rising demand. If buying pressure continues, ICP could extend its upward trajectory toward the next resistance cluster between $8.50 and $9.00, reinforcing its bullish outlook.

Technical Outlook for Internet Computer (ICP): Bulls Eye $9 as Key Levels Hold Firm

• Upside levels: $7.75, $8.10, and $8.50 remain immediate resistance zones where short-term profit-taking could emerge. A confirmed breakout above $8.10 may open the path toward $9.00 and $9.50, signaling extended bullish momentum.
• Downside levels: $6.20 serves as the first key support, followed by $5.93 and $4.84 both aligning with prior breakout zones. Deeper support is seen at $4.20 and $3.07, matching the 200-EMA region, which anchors the broader bullish structure.
• Resistance ceiling: The $8.10–$8.50 range acts as the medium-term barrier to flip for sustained upside continuation. Maintaining strength above this level could validate the next leg toward $9.50 and beyond.

Will ICP Sustain Its Momentum?

The Internet Computer price outlook remains constructive as long as buyers defend the $6.00–$6.20 range. The coin has broken its prolonged downtrend and now trends firmly above all major moving averages. Continued inflows and rising open interest suggest improving speculative confidence.

If ICP holds above $6.00, momentum could strengthen toward $8.50–$9.00 in the near term. However, failure to maintain support at $5.90 might trigger a retest of $4.84, where strong buying interest previously emerged. For now, ICP trades within a pivotal zone where sustained volume and structural confirmation will determine whether the rally extends toward the $9.50 target or consolidates before another move higher.