As the crypto market stabilizes above the $2.20 trillion mark, the AI category is starting to regain momentum. This indicates a high probability of a bullish recovery for the category in the upcoming Q4!
With the significant rise of Artificial Intelligence (AI) tokens in the crypto space, is it the right time to invest in Internet Computer Token (ICP) for the upcoming altcoin season?
ICP Price Breaks Important Resistance Level:
With an intraday gain of 6.18% and a trading volume of $124.53 million, Internet Computer price has broken above the important resistance level of $8,825. Moreover, the price has increased by 11.23% over the past seven days and is currently trading at $9,057.
Moreover, the price has increased by about 4% in the last 30 days. Despite recording a YTD return of -32.79%, ICP still holds the 21st position in the global cryptocurrency list with a market capitalization of $4.218 billion.
Engineering Psychology For Internet Computers
The 50-day EMA is acting as support on the 1D timeframe price chart of Internet Computer. This shows the increasing bullish sentiment towards Artificial Intelligence (AI) tokens in the crypto space.
The Moving Average Convergence Divergence (MACD) indicator shows a steady rise in the blue histogram with the averages recording bullish price action.
This suggests that prices will continue to rise in the coming period.
Will ICP Price Hit $20 This Year?
If the bulls hold the price above the key support level at $8,825, Internet Computer price is poised to test the resistance level at $11.30.
Furthermore, if the market continues to trade under bullish influence, this could result in the price heading towards the high of $13,910.
However, if the bears regain momentum, the ICP price will retest the support line at $8,825. Additionally, if the bears continue to dominate the market, the Internet Computer token could test the low at $6,625.
