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- ICP price was edging closer to a range breakout and poised for an upswing.
- Analysts forecast price targets ranging from $11 to $300 by 2025.
Internet Computer (ICP) crypto has consolidated in a tight range for the past two weeks. The token is anticipated to have a range breakout. It faced resistance around the 20-day EMA cluster and witnessed indecision among traders.
A symmetrical triangle pattern was displayed. However, the confirmation awaits. A successful closing above the $9 mark would validate the breakout. Meanwhile, the trend was weak, and the sell-on-rise pattern was intact.
Amidst the lack of volume traction, the ICP price remained capped in a narrow range and witnessed consolidation. It was trading below the key EMAs and displayed a decline in trading volume of over 8%.
For the past three months, ICP crypto has formed lower highs and lower lows. The chart displayed downward momentum. However, it has found support around $7 and is looking for a bounce toward the $10 mark.
ICP Price Forms Symmetrical Triangle Pattern: Breakout or Breakdown?
ICP crypto, on a daily timeframe, witnessed a symmetrical triangle formation and went closer to a breakthrough. Investors’ primary concern was whether the altcoin would see a breakout or a breakdown. ICP price was trading at $7.92, noting an intraday decline of over 2.39%.
Considering the latest trend, the altcoin was in a significant downtrend. It has retraced over 28% in the last two months. However, looking at the weekly timeframe suggested that a breakout is looming.
The Weekly RSI was on the brink of a positive crossover and close to the midline region. Also, the selling pressure was nearing its end.
However, the current positioning was guiding a minor bearish stance, as it was around 43. In case of a spike above 53, a positive crossover may be seen ahead.
Going forward, the development activity metric saw consistent growth. This means that innovations and improvements were happening, and significant growth surrounding ICP continued to unfold.
At press time, the Development activity data value was close to the 789 mark, witnessing a positive outlook.
ICP Primed for Long-Term Bull Run, Say Analyst
Crypto Analyst Ragnarok predicted a short-term and long-term outlook on the ICP price. He said the future growth was intact, and the altcoin could see a significant bullish trend ahead.
He added that by the end of 2024, the ICP price may surge to $11-$55. While it may reach up to $120 and $130 by May 2025, this period aligns with the last unlock of ICP from SEED investors. However, by the end 2025, ICP crypto may reach $160 and $180.
Similarly, Kyren, in his previous tweet, said that Internet Computer protocol witnessed a couple of positive factors. These factors may drive the next bullish leg up. The first is a rise in social dominance, and the second is a persistent surge in development activity.
However, the Open Interest (OI) dropped over 3.97% to $53.19 Million. This signified a long, unwinding move over the past 24 hours. The support levels for ICP were $7 and $6.80. On the other hand, the resistance levels were $8.80 and $9.60.
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.
