The price of Internet Computer (ICP) reversed its directional momentum as bulls pumped the price 25% from its support level. ICP emerged as the top gainer for the day amid the rise in prices. After getting rejection at the support level, bears are rapidly covering their short positions. If buyers again hold support, we may observe a symmetrical triangle breakout.
The bulls have been managing higher-lows formation since December; however, bears are forming a lower-highs price structure. However, the crypto market has recently completed its retracement cycle, so the ICP price may soon skip the descending trend line.
Currently, Internet Computer (ICP) coin price is trading at the $6.13 mark with an intraday gain of 3.21%. However, buyers gained nearly 25% in the last four days amid the roller-coaster ride.
The trading volume increased by 117% to 96.02 million in the last 24 hours, as the bulls are taking advantage of the rising trend. However, despite the positive acceleration, bulls are required to increase buying pressure to break this solid bullish hurdle with sustainable momentum.
Last night, the ICP coin price jumped over the 0.382 fib retracement level, which may act as short-term support.
On the daily price chart, Internet Computer (ICP) price is trading above the 200-day exponential moving average after a long period of time. And the remaining 20,50, and 100 EMA are set to provide support in the retracement phase.
The simple RSI indicator reflected a bullish crossover last night. Currently, the RSI peak remains at the 61 level, which may affect more money inflows into ICP tokens. Moreover, Stoch RSI has fallen into the oversold zone and is now trending upwards.
Technical LevelsÂ
- Support Levels: $5.8 and $5.0
- Resistance Levels: $6.6 and $7.5
Also read: Bitcoin Price Recovers to $30K Amid the Monthly Options Expiry
