Internet Computer (ICP) is trading slightly higher on Thursday and is approaching a key support level, suggesting that a recovery could be within reach if it successfully holds this level.
ICP is retesting daily support at $7.86 on Thursday. This level roughly coincides with the ascending trendline and the 61.8% Fibonacci retracement level at $7.71, making it a key reversal zone. At the time of writing, ICP is trading around $7.99.
If the $7.86 level holds, ICP could rally 27% from here to retest the September 28 high of $10.04.
The Relative Strength Index (RSI) on the daily chart is at 44, below the neutral level of 50, indicating weak momentum. For a bullish reversal, the RSI must rise above the neutral level of 50.
ICP/USDT Chart â 1 Day | Source: TradingView
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