Huge Shorts Liquidated In ICP: Are Bulls Taking Over The Price?

• An advance in the open interest of Internet Computer Protocol is recorded.
• The cycle burn rate of the ICP token has also advanced by 239% in the last 30 days.

The supply inflation of Internet Computer Protocol is high (6.07%), while in the last 30 days, 169.51K ICP has been burned.

Price Overview Chart of ICP | Source: CoinMarketCap

The value of the traded volume for the Internet Computer Protocol has advanced by 68% in the last 24 hours. The token’s market cap also advanced by 6.6%, showing a huge increase in the demand for the token.

The market cap of the token at press time was $4.38 Billion, making it the 24th largest cryptocurrency in the global crypto market. Also, the market cap dominance of the token is 0.19%.

A surge in the derivatives traded volume of the token was also recorded, resulting in a traded value of $245.41 Million in the last 24 hours from press time. 

The short liquidation for the token is also high ($350.69K), and the long liquidation value of the token is $133.49K. This shows the increasing dominance of bulls in the token price, which might lead to higher prices in the future.

Blockchain Data Overview of Internet Computer Protocol

The Total Value Locked (TVL) for the Internet Computer Protocol token has advanced recently ($69.29 Million).

Blockchain Data Overview Chart Of ICP Token | Source: TokenTerminal

A surge in the transaction fees of the Internet Computer Protocol token was recorded, showing increased usage of the token network.

Following this, an increase in the number of transactions is also recorded for the token. Additionally, the total number of transactions recorded in the token is 510.69K in the last 30 days.

ICP Token Technical Analysis

The formation of lower highs and lower lows on the chart of the ICP token can be seen over the last few months. This showed a strong downtrend in the price of the token.

ICP Token Daily Price Chart | Source: TradingView

Following the decline in momentum, a falling wedge pattern was formed on the daily chart of the token.

The token recently broke above the wedge pattern with strong momentum. This exhibits a bullish character in the token’s price and shows a higher possibility of a further surge in the token’s price.

ICP/USD Chart by TradingView

The EMAs on the chart of the ICP token are trading in a death cross while the price has broken above the 50-day EMAs on the chart. If the token’s price further breaks above the 200-day EMA and sustains above the same, a surge in the token’s price might be seen.

Despite this, the supertrend formed a bullish breakout by breaking above the ATR. The MACD further shows neutrality in the price as its metrics trade below zero.

The RSI further showed a surge in bullish momentum as it broke above the 14-day SMA. Also, the RSI was trading at a level of 60.7.

ICP Token Showing Signs of Bullish Momentum

ICP token showed signs of bullish momentum with a surge in open interest, trading volume, and market cap.

Despite breaking above the 50-day EMA and the falling wedge pattern, uncertainty remains due to the death cross and neutral MACD. Investors are watching closely for sustained movements above key resistance levels.

The support levels for ICP are $4.0 and $5.70, and the resistance levels of $13.60 and $19.20.

Disclaimer

This article is for informational purposes only and does not provide any 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.