Internet Computer (ICP) Price Prediction: ICP Bulls Aiming to Reclaim the $20 Zone as Wedge Pattern Breaks

Since the weekend, Internet Computer has been at the forefront of the bullish wave sweeping throughout the cryptocurrency market.

Internet Computer price showed a spectacular 10% increase in just twenty-four hours, reaching a price of ten dollars on Monday. This occurred due to a skyrocketing trading volume and a growing market value, as ICP leads the bullish wave throughout the cryptocurrency market.

Investors are breathing a sigh of relief after a string of horrific weeks that saw Bitcoin plummet below $60,000 and continue its downward leg to $56,000 due to selling pressure from the German government's sale of BTC, according to Coingape. Furthermore, the insolvent Mt. Gox exchange began distributing Bitcoin and Bitcoin Cash payments to its creditors through the trustee, adding to the pressure on the trading market.

On the other hand, United States inflation continues to decline and the Federal Reserve inches closer to its target of 2% inflation, according to the Consumer Price Index (CPI) data for June. Despite the central bank's claim that it will not begin raising interest rates until it achieves its goals, the report confirmed that investors had anticipated a reduction in the first-rate interest. This is a positive development.

A Breakout of the Wedge Pattern for the Internet Computer Price

After reaching a high of more than $20 in April, ICP continued to move in a downward direction within the constraints of two trend lines that were getting narrower. This allowed bulls to keep selling in check while the upper trendline prevented upward movements. The lower trend line served as support, helping bulls to hold sellers in check.

The price of Internet Computers eventually found support at $6 after continuing its downward spiral, which came to the bulls' rescue. The market has exhibited a general positive tendency since the weekend, and a comeback from this level to $10 coincided with this upward trend.

Following the formation of a falling wedge pattern, a more significant breakout is likely to occur. ICP is already located above several crucial levels, beginning with the 20-day Exponential Moving Average (EMA), the 50-day EMA, and, most crucially, the wedge pattern.

The daily chart was likely consulted by traders who placed purchase orders above the 50-day exponential moving average (EMA) or above the upper trendline. The bullish narrative is supported by a 12% gain in market value to $4.4 billion and a 4% increase in volume to $130 million. Both of these measures are significant.

Technical Indicators Rally Behind ICP Bulls

As the wedge continues to collapse, a 56% breakthrough to $20 is possible. The chart depicts this breakout as the point at which the pattern reached its highest point.

The optimistic view is further strengthened by the fact that the Moving Average Convergence Divergence (MACD) indicator has issued a buy signal, and there has been a noticeable increase in trading volume.

The price of Internet Computers will gain speed toward the wedge goal at $20 if the MACD crosses into the positive region and, at the same time, green histograms continue to increase.

The recovery of the Relative Strength Index (RSI), which is over 63, indicates that the path of least resistance is significantly downward. If the daily close was higher than $10, it would be a significant step toward establishing the bulls' presence in the market.

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