Internet Computer Price Prediction: The bulls Abandoned the Area below; Myth or Certainty?

• Internet Computer Coin got rid of the downward plug and has recovered about 45% of its cost since early March.
• ICP Coin price is moving towards the short-term resistance level at $24, wherein a higher-high, higher-low formation is shining.
• In the intraday trading session, the bulls are struggling to propel the price above the 100-EMA resistance.

Internet Computer Coin finally overcame the downtrend that had been continuing since early February. However, the year had a terrible start for ICP investors, as they saw a blood bath after a retest of the $38-mark, and they lost nearly 60% of their value to the 2022 year lows.

The $15-level appears to be an essential support level for ICP holders, with the bulls negating the asset price below this area several times. The upper edge of the descending parallel channel (noted in the chart) was one of the strong selling points for the bears, and eventually, the bulls were able to hold the ICP coin price above it on March 22 with a gain of 6.31%.

However, the ICP coin ‘s price action draws higher-highs on hourly chart. Thus, the coin price is higher by 3.17% (as per the tradingview), at $22.4 at the time of writing. Same as, the ICP/BTC pair is trading at 0.000471 Satoshis, bullish by 2.1%. 

Over the past few days, trading volume has been gradually increasing with a bullish trend, which suggests that the directional momentum may continue towards the end of the coming month at $28. Despite the directional trend, the coin lost 14% of volume last night; Therefore, the volume to market capitalization ratio is 0.9154. 

Could the 100-EMA affect the bullish rally?

The Internet Computer coin’s daily price chart is watching above the 20 and 50-day moving averages and bulls are coming to reclaim the coin above the 100-EMA line (standing as a longer-term resistance).

The Relative Strength Index (RSI) saw a sharp rally since mid-March, with the RSI approaching overvalued territory on the daily time frame. RSI appears at current level (70-points) after 7 months; Buyers can celebrate this occasion with high price stability.

The ADX indicator is at 26-level at the writing period, which suggests strength in bullish momentum for the Internet Computer coin.

Conclusion 

The overall price action of Internet Computer Coin is bullish and key technical indicators are supporting the bulls. For this week, the 100-EMA is likely to be a resistance level the bulls need to retest the price above it.

Support level – $15 and $10

Resistance level – $27 and $35

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.