The price of Internet computer ICP started to recover with the general crypto market at the beginning of July. It found a bottom at around $5.85 and has been recovering steadily. So far, we have seen a 77% price increase for the token.
In the past week, ICP has spiked by close to 40%. What seems to be the catalyst is a breakout from a descending trendline pattern.
The bulls leveraged the positive sentiment in the market to break out from the 4-month-long resistance. This is obvious from the high trade volumes (long candlesticks) close to the trendline resistance.
Following the breakout, the ICP price retested the breakout level the next day and looks ready to continue the uptrend. The price is already retracing with the Relative Strength Index value at 61. When it finds strong support, it could start to spike up again.
Adding to the bullish outlook, the 50-day moving average is now below the price, ready to act as support against further price falls. If it holds, it could be an additional boost for the bulls to push the price up.
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Capital Altcoin earlier reported that ICP formed a partnership with the UN, which also created positive sentiment around the blockchain. They are working together to help more people access banking and money services using new Web3 technology.
The United Nations wants to use the ICP blockchain to improve its system for digital ID cards. This project hopes to increase trust in digital services to help more people participate in the economy. The companies will first test this out with a small trial program in Cambodia.
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The post Here’s Why Internet Computer (ICP) Price Pumped 35% This Week appeared first on CaptainAltcoin.