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- ICP shows a reversal move after retesting the support of $3.370.
- Bulls are gaining momentum by accumulating the token.
Internet Computer (ICP) token showed a reversal from support on the daily chart. Buyers are showing their presence and rescuing the muscles by holding the support range and starting to accumulate from the bottom. Recently, ICP was in a correction phase and retested the strong demand zone of $3.500, where buyers attained fresh momentum and noted with a rebound from there.
Moreover, the token is attaining the 20 day EMA and looking to stretch the reversal move towards the mark of $4.500 in the upcoming sessions.The strong resistance mark of $5.00 acted as a strong supply zone, where rejection was noted on the charts.
The sellers maintained grip near $4.500 where 50 day EMA was also placed and a strong range to look out for. If ICP token succeeds to surpass the range, then an intense move will lead toward $5.000 and will gain further momentum.
Moreover, a long wick rejection candle was formed during the retest of the support mark. Afterwards buying provinces was noted which signals the accumulation of the token.
When writing, the ICP token trades at $4.255 with an intraday gain of 5.01%. Moreover, the trading volume increased by 1.46%, showing continuation of reversal move.The pair of ICP/BTC is at $0.000141 BTC, and the intraday high of ICP is $4.243, while the low is $3.934 showing a long stretched move.
Daily Chart Structure of ICP
On the daily charts, ICP token was done with a base building formation near $3.500 and starting to bounce from there shows signs of positivity. Moreover, the momentum was also shifted to buyers who were noted with gaining strength on the charts. Surprisingly, ICP gained 5% in the intraday charts and this extensive move got sellers trapped.
Furthermore, the price is attaining 20 day EMA which is the level to watch for investors to make fresh long positions. As soon as ICP starts to sustain above $4.300, a fresh momentum of buying will be there and the token will lead into an uptrend by breaking the neckline.
Short Term Charts Shows ICP is near to breakout
On the 4 hours chart, ICP token is near to the range breakout and a decisive move is near to happen in the upcoming session. Buyers are gaining traction and only need to gain volume which leads to escape the congestion range.
The RSI curve is flying towards the overbought zone near 70 and a positive crossover was noted which indicates bullish cues.
The MACD indicator also showed green bars on the histogram and shows bullish crossover which also indicates positive outlook of ICP token.
Conclusion:
Internet Computer (ICP) price indicates that buyers are gaining traction and further upside can be retested in the upcoming sessions.
Technical Levels:
Support Levels:$3.50 and $4.00
Resistance Levels: $5.00
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
