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- Internet Computer crypto price has jumped 22.78% in the last 24 hours.
- Traders and investors are keen to lift the price to the $20 mark.
According to the technical chart, today the Internet Computer (ICP) price has witnessed a strong buying candlestick of approximately 18% and recorded a 52-week high of $16.52. The price has surpassed the last swing high of $15 and bulls are dominating.
ICP coin price has been bullish and surged by 300% in the last four months, highlighting the buyers’ domination. The price has been rising by taking support on the trendline and facing resistance from the $15 level but today the buyers have managed to surpass this.
At the time of writing, the Internet Computer coin price is trading at $16.39 with an intraday gain of 22.78%. The market capitalization is $7.51 Billion and according to the market cap, it ranks 19th in the cryptocurrency market. The trading volume of Internet Computer is $455.53 Million which has increased by 127% in the last 24 hours.
ICP Crypto Price Has Formed an Ascending Triangle on a Daily Timeframe
Internet Computer price has formed an ascending triangle on a daily time frame and has given a breakout with strong volume. It has surpassed the strong resistance level of $15.
If the ICP crypto price manages to sustain over the $16 mark, then this could be considered a genuine breakout and buyers may become interested. At the time of the breakout, the trading volume had surged by 127% which indicates the accumulation of buyers.
If the price sustains at the $16 mark, then buyers may show their interest and it may extend to the $20 level soon. But if the price triggers a pullback near the $20 hurdle then it will continue the recent trend and a bullish trend on a wider time frame can be expected.
Alternatively, if the Internet Computer coin price fails to sustain at the $16 mark, then most of the buyers will be trapped at the high and will face their stop losses which may result in a rapid fall in the price and will erode the previous gains.
ICP Price Technical Analysis on 4-H Timeframe
Internet Computer crypto price has witnessed strong buying pressure and it has risen by 23.54% in the last 12 hours. Buying volume has also jumped by more than 100%.
If the price sustains at the $18 mark and gives a positive breakout after the consolidation phase, then it may remain profitable for the next few weeks. But if the ICP coin price fails to defend the $16 level, then sellers may dominate and profit booking will be seen.
RSI is at 73 and is heading for the overbought zone. The ICP price is trading over the significant moving average which showcases the bullish trend.
Conclusion
Based on the recent surge in Internet Computer (ICP) crypto price and the formation of an ascending triangle pattern on the daily timeframe, traders and investors are optimistic about its future. If the price manages to sustain over the $16 mark, it could extend to the $20 level soon. However, if the price fails to sustain the $16 mark, it may trigger a pullback, resulting in a fall in the price.
Technical Levels
Resistance Levels: $18.00 & $23.00
Support Levels: $14.00 & $12.00
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.
