Internet Computer Records 23-Month High! ICP To Hit $20 In March?

The crypto industry continues to display significant volatility as the top altcoins continue to record new highs constantly. Further, the ICP price has successfully surpassed the $16 mark for the first time in 23 months, indicating a strong bullish sentiment in the crypto space.

The Internet Computer price traded in a closed range between $12.530 and $13.650 for a brief period, following which the bulls recorded a jump of 26.59% before facing rejection at $16. After this, the price experienced a bearish reversal, erasing all its gains, and further tested its low of $12.530.

TradingView: ICP/USDT

Following this, the bulls regained momentum and broke out of the resistance level, where the price displayed a neutral trend for the next nine days. As the market volatility grew, the bulls started trading under a bearish influence and lost approximately 23% over the next week.

After testing its low of $10.740, the bulls jumped 27%, after which the price hovered close to its resistance/support level at $13.650. Recently, the bulls regained momentum and recorded a jump of over 24%. Positively, the Cross EMA 50/200-day shows a Golden Cross, highlighting a bullish influence.

The MACD displays a constant green histogram in the chart, indicating an increased bullish sentiment within the crypto industry for this altcoin. Further, the averages show a significant rise, suggesting a positive price action for ICP price in the coming time.

Will ICP Price Rise Again?

Following the increased price volatility, if the bulls hold the price above the support level of $16, the Internet Computer price will continue to gain power and prepare to test its resistance level of $18.250. Moreover, if the bulls continue to hold power, it will test its high of $20 in the coming time.

Negatively, if a trend reversal occurs, the bulls will lose momentum and fall to test its lower support level of $15.350. Further, if the bulls fail to regain momentum, the ICP price will continue to bleed and test its low of $13.650.

SOURCE

Leave a Comment