ICP breaks long-term downtrend, forming higher lows and rebounding from mid-2024 lows, signaling renewed bullish momentum.
Trading at $10.954, ICP approaches $11.960 resistance, with Fibonacci levels and increased volume confirming buyer strength.
Support zones at $9.00 and $10.742 remain pivotal, while a breakout above $11.960 could target $13.00 and higher levels.
Crypto analyst Javon highlights a dramatic price shift for Internet Computer (ICP), with its price climbing strongly. ICP has shown bullish momentum with an impressive breakout from long-term downtrends.
Javon predicts the price could reach $79.572, marking a potential 588% increase. Recent price movements and technical patterns indicate crucial support and resistance levels that require monitoring.
https://twitter.com/JavonTM1/status/1860103889066086829
Breakout Marks Shift from Downtrend to Bullish Momentum
From October 2021 to late 2022, ICP experienced a sustained downtrend, with a descending resistance trendline marking this phase. The breakout occurred in late 2022, signaling the end of aggressive selling.
This breakout aligns with classic indicators of growing buyer activity. Since then, ICP has maintained higher lows, supported by an ascending trendline. This upward movement highlights renewed interest, particularly after a sideways consolidation in early 2024.
The current price rally follows a rebound from mid-2024 lows, suggesting continued bullish sentiment. Short-term resistance is visible near $9.00 and $15.00, while support levels of $3.00 and $4.50 have historically been key areas for price rebounds.
Fibonacci Levels and Ascending Trendline Signal Key Zones
Key Fibonacci retracement levels, highlighted at $8.772 (0.618) and $10.742 (0.236), are significant technical zones. ICP recently broke above the 0.618 level in October and is currently testing the 0.236 level in November. This movement indicates notable strength as the price forms higher lows along a dashed ascending trendline.
Source: CryptoRank
Currently trading at $10.954, ICP is approaching the resistance level of $11.960. Increased trading volume, with 3.08 million trades recorded, confirms the ongoing rally. The MACD indicator also shows bullish momentum, with the MACD line staying above the signal line and a positive expanding histogram.
Critical Levels and Price Movements
The $9.00 zone remains critical support, holding firm multiple times amid bullish rallies. If the price breaks above $11.960, ICP could target $13.00 next. On the flip side, a retracement may test support zones near $10.742 or $9.00.While bullish momentum dominates, maintaining key levels is essential for sustaining the current upward movement. Further testing of long-term resistance near $174.57 could require broader market support.
