Many Positive Signs for ICP Price: Can It Display an Explosive Momentum?

In ICP crypto, the bearish trend has halted near the major support level of $6.50. Sellers have attempted thrice to drag the price down.

Internet Computer (ICP) price faced selling pressure and declined by nearly 60% as it encountered resistance from a descending trendline. Throughout this period, ICP price continued to trade below the 20-day EMA. However, at the time of writing, the price had surged past the 20-day EMA and was heading toward the 200-day EMA.

On-chain metrics, on the other hand, showed several positive signs that could be impacting the price of the Internet Computer token. Furthermore, the ICP long/short ratio stood at 1.019, indicating a bullish outlook among traders. Notably, ICP price rose by 27% in the past 3 days and defended the last swing lows. Continue reading to find out how the price may perform in upcoming weeks.

Multiple Positive Signs For ICP Price; Can It Display An Explosive Momentum?

In ICP crypto, the bearish trend took a halt around the major support level of $6.50. Three times did the sellers attempt to drag the price down. However, the buyers showed their presence and managed to defend the support level.

According to BasedGiant (@BasedGiant_), a cryptocurrency analyst, the ICP crypto looks mind-blowing. It has seen buying pressure for the past few days.

This is mind blowing, $ICP burn rate almost doubled in less than an hour, lmao.Are you entertained friends? pic.twitter.com/Kr1S9Nvi5p

Moreover, the burn rate of the Internet Computer token increased by almost double in less than an hour, boosting the ICP price.

How Long Can ICP Price Stay Bullish?

At press time, Internet Computer crypto was trading at $8.69. In the last 24 hours, the ICP price decreased by 2.82%. Its market capitalization stood at $4.08 Billion, and the 24-hour trading volume was $175.69 Million, showing an increase of 188%.

On a daily time frame, the ICP price was heading toward the 200-day EMA after breaking out from a trendline. This momentum was supported by the trading volume, which could be a key factor in driving the ICP crypto price up.

If the token price manages to overcome the key moving average, the buying momentum could be sustained.

On the other hand, if the digital asset price encounters resistance at the 200-day EMA and slips below the 20-day EMA, it would be a bearish signal. Moreover, if the price starts trading below the crucial support level of $6.50, ICP sellers may take over.

Based on the chart structure, a loss of the $5 mark could drag the price to a new all-time low. Over the monthly time frame, the ICP price has already faced strong selling pressure and dropped to the bottom.

The Relative Strength Index (RSI) indicator showed a sharp uplift and triggered a bullish crossover. It stood at 60 and was heading toward the overbought zone. Furthermore, the MACD generated a golden crossover with the signal line, and the histograms flipped to green.

ICP Price Analysis and Forecast

As observed recently, positive signs and on-chain metrics suggested that the ICP price had the potential to continue its bullish momentum. It showed resilience and defended the key support levels, indicating solid buyer involvement.

Additionally, the recent increase in the burn rate of the Internet Computer token contributed to the price surge. Technical indicators, such as the RSI and MACD, also supported a bullish outlook for ICP. Therefore, it should not come as a surprise to crypto enthusiasts if the ICP crypto price were to witness a surge in the near future.

The above is the detailed content of Many Positive Signs for ICP Price: Can It Display an Explosive Momentum?. For more information, please follow other related articles on the PHP Chinese website!