In early trading today, the ICP token surpassed a $5 billion valuation, securing a position in the top 20 tokens list. Notably, the Internet Computer price has experienced a notable gain of over 7.5% in the past 24 hours, marking it as one of the leading performers for the day.
After trading within a confined range of $8.801 to $10.320, the ICP coin price experienced a surge in market momentum, resulting in a remarkable 58% valuation increase. However, this upward movement faced resistance at $13.966, leading to a price rejection.
ICP Price Movement and Resistance at $15.359
Following several attempts, the bulls regained momentum, breaking out of the established range. However, the upward rally was short-lived as the ICP price encountered rejection at $15.359.
TradingView: ICP/USDT
After a period of sideways trading, the market lost momentum, leading to a correction of approximately 33%. Swiftly, the bulls regained control, initiating a 35.5% jump, but once again faced rejection at $13.966. Subsequently, the price oscillated between $12.219 and $13.966 for over a week.
Despite efforts, the bulls faced challenges in sustaining the price above the $12.219 support level, resulting in a breakdown.
Since then, the ICP price has been consistently trading within a consolidated range of $10.320 to $12.219. The current scenario indicates an imminent test of the resistance level, with an unpredictable outcome.
Bullish Momentum Indicators and Price Projection
The Moving Average Convergence Divergence (MACD) presents a consistent green histogram, signaling a strengthened bullish influence within the crypto industry. Notably, the averages depict a continual rise, indicating a potential ongoing increase in the ICP price in the upcoming days.
With a successful push above the resistance at $12.219 by the bulls, the ICP price is poised to test the upper resistance level of $13.966. Sustaining the price at this level could pave the way for further attempts to reach the resistance level of $15.329 in the near future.
Conversely, if bears prevail over bulls, the ICP token may descend to test the support level at $10.320. A sustained dominance by bears might lead to a deeper plunge, setting the stage for a test of the lower support level at $8.801 in the coming week.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
