Internet Computer – ICP advanced bullish this week and broke through a key resistance level to reach a new milestone today. It is now trading above April 2022 high after posting over 150% gain in 30 days.
The leading metaverse token by market cap – ICP surged by roughly 40% today to reach a peak of $11.9 after trading for a year and a half months.
This surge was fueled by increased demand and enhanced volume inflow, making today the most volatile period since the price started to increase in October.
However, the momentum appeared to be slowing down over the past hours due to the latest price rejection. It pulled back and now trades under $11 at the time of writing. Nevertheless, the price is still looking strong on the daily chart.
We can expect more surges as soon as it finds solid support in the lower timeframe. If that happens, a push above the current daily high could allow the price to reach the $15.5 level, marked as the April 2022 drop level. Otherwise, ICP may retrace lower and start to decline.
From a technical standpoint, the bulls are still much in control. As such, more rallies can be expected. Even though the price rolls back, it must dip below October’s low before we can consider it bearish.
ICP Key Level To Watch
While anticipating the next move, the closest level to consider for a rebound is $9.8. If this support fails, the $8.2 level would be a lower support to keep in mind. A broader pullback may dip the price to $7.2 and $5.8.
Towards the upside, ICP must flip through a minor resistance of $11.2 to $11.9 (today’s peak) before we can validate more rallies toward the $13 and $14.6 resistance levels.
Key Resistance Levels: $11.9, $13, $14.6
Key Support Levels: $9.8, $8.2, $7.2
- Spot Price: $10
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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