ICP Price Facing Resistance at $10: Could Bulls Secure Past Gains

• A hammer candlestick at the bottom has resulted in a massive surge of 53% in 2 weeks.
• ICP price has surpassed the 20-day EMA and has extended to the 200-day EMA.

The chart structure displayed that the ICP crypto price has slipped below the 200-day EMA. Since the beginning of April, the Internet Computer crypto price has declined due to the trendline’s resistance. 

After a dip of 50% since June, the digital asset price has formed a ‘hammer’ candlestick at the bottom. The hammer candlestick has led to recovery from the dip buy, lifting the price by 50% in a week.

According to the chart structure, the liquidity below the $8 level seems to have been grabbed. After liquidity, the price has displayed a massive surge of 53% in 2 weeks. The crypto asset price has exceeded the 20-day EMA and reached the 200-day EMA.

At press time, the Internet Computer crypto was being traded at $10.31 with an intraday gain of 1.58%. The market capitalization was $4.79 Billion, and the trading volume was $119.74 Million at the time of writing.

Bull Run in ICP Crypto Awaited?

A source on X claims that the ICP crypto price is ready to shoot up soon. Based on the technical chart, the price has triggered a pullback in a weekly time frame. 

For the past few months, the ICP price has declined due to resistance from the trendline. If the price triggers a breakout from the trendline, the target would be in 3 digits.

Could ICP Price Trigger a Breakout or Decline Further?

In a daily time frame, the Internet Computer crypto price has fallen due to resistance from the trendline. The price has bounced back to the trendline and is waiting for the breakout.

Buying momentum can be seen if the crypto asset price triggers a breakout from the trendline and trading volume increases. Investors can be attracted if the price exceeds the $13 mark, which may result in strong buying pressure.

Alternatively, sellers may show interest if the ICP price chart forms a bearish candlestick pattern in the lower-high territory. Bearish momentum in this territory might invite sellers for a new lower low.

Regarding technical indicators, the Internet Computer price has advanced the 20-day moving average, showcasing the bullish trend. RSI is 64, which has rapidly extended to the overbought zone. 

MACD has generated a bullish crossover with the signal line, and the histograms remain green.

Strong Buying Momentum After Breakout?

ICP price has shown signs of recovery after facing significant resistance. The formation of a hammer candlestick at the bottom resulted in a notable surge, indicating potential bullish momentum. 

The price has exceeded certain key moving averages, demonstrating strength in the short-term trend. However, the price is currently at a critical point, with the potential for a breakout from the trendline. 

It could attract significant buying interest if the price exceeds the resistance and sustains higher trading volume. Also, this can potentially target higher price levels, including three-digit figures.

Technical Levels

The bullish trend in ICP crypto might get interrupted near the $12.50 and $16.00 levels. The price may take support on the $9.00 and $8.00 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Pratik Chadhokar