ICP Recorded A Breakout: Analysts Suggest Major Rally Ahead

• The ICP price crossed the prompt hurdle of $8.50 and enlisted a breakout.
• Its trading volume surged over 57% in the past 24 hours.

Internet Computer (ICP) gave an impressive spike of over 9% and split its downward-sloping trendline hurdle in the intraday session. 

Amidst the backdrop of market volatility, the ICP token managed to recover 40% from its weekly low of around $6. It has crossed the 20-day EMA mark and retested the 50-day EMA mark. Still, the $9 mark was not breached, and sellers tried their best to defend it.

Backed by the demand surge, the trading volume saw a spike of over 50%. Buyers have made long positions in it and seek to stretch the breakout rally toward the $10 mark.

Following the smart recovery from the $6 mark, the token had completed the three-session winning streak and exhibited signs of accumulation.

At press time, the Internet Computer price was trading at $8.78 with an intraday surge of 7.89%, reflecting bullish momentum on the charts. It has a monthly return ratio of -1.90% and 102% yearly, reflecting a short-term uptrend.

The pair of ICP/BTC is at 0.000146 BTC, and the market cap is $4.10 Billion. Analysts are bullish and suggest that the ICP token may stretch the breakout rally and reach the $10 mark shortly.

How High Can ICP Go This Month?

During the intraday session, the ICP token enlisted a falling wedge pattern breakout and noted a rise of over 7%, backed by a volume surge of over 50%. 

Interestingly, the token’s RSI curve saw a sharp vertical spike and reached the overbought zone, meaning a slight dip could be seen ahead.

Apart from the breakout, sellers have maintained their grip around the $9 mark. The rally could not be triggered until the token breaks and closes above the $9 mark. 

Conversely, if it crosses the hurdle, it may go toward the $10 followed by the $12 mark this month. Meanwhile, below the $8 mark, the view would be invalidated.

ICP Price Chart | Source: Santiment

The Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover and plotted the green bars on the histogram.

Its price action showed that a fresh bullish reversal from the bottom was noted, and the token is poised for a significant surge ahead.

Traders Looked Optimistic

Following the price rise, a shift in market dynamics was highlighted in weighted sentiment data, which revealed a spike and approached the positive region, noted at 0.936.

Weighted Sentiment Data | Source: Santiment

@Stephiscrypto, in his tweet, said that ICP could stretch its bullish leg toward the $23 soon.

$Icp will melt faces this bull run

The next leg higher will send the price to the golden pocket resistance at $23,50#ICP #Altseason pic.twitter.com/c7ZEemKCXi

— STEPH IS CRYPTO (@Steph_iscrypto) July 13, 2024

Source:X

What Do Social Insights Say?

On the social front, the social dominance curve stayed flat near the midline region, noted at 0.264%, highlighting the flattish activity of users on social media platforms.

Social Dominance Chart | Source: Santiment

Meanwhile, the development activity data noted a consistent rise and reached a cliff of 447. It conveyed the tokens’ growth was optimistic for the long term.

Its open interest data rose over 24.60% to $49.92 Million, revealing fresh long additions in the past 24 hours.

The immediate support levels for the ICP token are $8.30 and $8.0, whereas the key upside hurdle is around $9.20, followed by $10.

All In All

The ICP token price climbed above the 20-day EMA mark and was trying to overtake the 50-day EMA mark for a significant upmove ahead. Moreover, a fresh bullish wave was triggered, and buyers are eyeing the $10 mark to catch it shortly.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.