Will Internet Computer (ICP) Token Price Cross $17.861 Hurdle?

• The ICP token price is forming a head and shoulders pattern from the $16.278 level.
• The 50-day is acting as a support level for the current ICP token price.

Internet Computer (ICP) provides the first-world computer blockchain that can be used to build almost any online system and services. The blockchains incorporate a radical rethink of blockchain design, which is powered by innovations in cryptography. The ICP is a native token of this internet blockchain and is available in many crypto exchanges like Binance, Coinbase, OKX, etc.

ICP Token Price Returned 254% Profits in the last Six Month

The ICP token price got a positive response in October 2023 from the $2.799 extreme support level. The price delivered more than 130% return from this rally and broke above the $6.738 resistance level, reflecting a positive character change.

Subsequently, the ICP token price made an impulsive bullish candle after that breakout. It resulted in a hike of over 70% to the $10.407 resistance level. It made a short bullish correction on the $9.480, an important demand level.

Moreover, the price again surged in impulsion to the $16.278 resistance level. The level is playing as a supply zone for the current market price. As far as the price action is concerned, it formed a head and shoulders pattern during the current trading phase.

The ICP token price has already given a breakdown from a small ascending channel formed from the $10.407 demand level. The current market capitalization of the ICP token stands at $5.69 billion, ranked 17th among 8,837 active cryptocurrencies.

Technical Analysis of the ICP Token Price

The ICP token price is moving above the 50-day and the 200-day EMA indicating a bullish trend. The 50-day EMA is proving support to the current market price. However, if the price closes below the 50-day EMA, it can reach the 200-day EMA easily.

The ICP token price has formed a head and shoulders pattern which is looking for a breakout in the current trading sessions. The price formed four bearish candles from the $14.926 supply level reflecting bears’ presence.

The current price is moving toward the $10.407 demand level. If the price closes below the $9.480 support level, a short-term fall toward the $6.738 support level can be expected.

Furthermore, the relative strength index (RSI) shows strong momentum toward the 30-mark lower band. Previously, it reflected a bearish divergence from the 80-mark, responsible for the current bearish momentum.

Conclusion

The ICP token price formed a head and shoulders pattern from the $16.278 resistance. The current price is moving toward the $10.407 demand level. The RSI is reflecting a bearish divergence. If the ICP token price closes below $9.480, it may fall to the $6.738 support level. However, the price should close above the $14.926 level to continue an uptrend.

Technical Levels

• Resistance Levels: $16.278 and $23.370
• Support levels: $9.480 and $6.120

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.