Here’s Why Internet Computer (ICP) Price Pumped 35% This Week
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.
