Internet Computer Price Prediction: ICP Pumps 26% And Is on Track to Keep Rising as Bitcoin ETF Deadline Looms
The Internet Computer price managed to recover after it dropped below the key $11.980 support level during yesterdayâs trading session. As a result, the altcoin recorded a second higher low. It was also trading above this significant price point at press time. Should it close todayâs trading session above $11.980, it may continue rising to the subsequent barrier at $16.340.
This is the upper boundary of a positive price channel that has formed on ICPâs daily chart over the last 2 weeks. A break above this channel could therefore lead to the Internet Computer price climbing to as high as $21.155 in the following few days.Â
However, a rejection from the $16.340 resistance level or a daily close today below $11.980 may invalidate the bullish thesis. Should the Internet Computer price face rejection from the $16.340 resistance, it may pull back to the $11.980 support in the next couple of days. This will most likely be a liquidity building move before another leg up.
Traders and investors will want to watch todayâs daily close, however, as a drop below $11.980 may result in a steep correction. In this scenario, the Internet Computer price may fall to as low as $8.445.
Traders Are Waiting for a Sign to Boost the Internet Computer Price
Technical indicators showed that the Internet Computer price has entered into a limbo phase. However, both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest that sellers have a slight advantage over buyers.
The MACD line was positioned below the MACD Signal line at press time. Despite this, the prior was closing in on the latter, which may trigger a bullish trend reversal signal soon should the two lines cross.
The RSI was also positioned bearishly below its Simple Moving Average (SMA) line. This is generally seen as a sign that sellers are stronger than buyers.
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