The Internet Computer price was trading at $13.09 as of 4:30 a.m. EST, down 5.67% over the last 24 hours.
ICP price was trading within the confines of the bearish triangle as bulls fought to scale it higher.
With 81% gains over the last 30 days and an over 314% increase in the last three months, ICP's upside appears intact.
Let's analyze Internet Computer's price action and see where it could be headed in the near future.
ICP price bounced off the 50-day exponential moving average (EMA) ($3.92) on Nov. 22, rising 290% to a multi-year high of $16.3 on Jan. 3.
The ICP price has been consolidating between $12 and $14 over the last three days. The upsloping moving averages indicate an advantage to buyers, but the negative divergence on the RSI suggests that the bullish momentum may be slowing down.
The RSI was positioned in the positive region at 57, suggesting that the buyers had a slight upper hand.
A break and close above the descending triangle's resistance line at $13.3 could open the doors for a retest of the high at $16.30. If this level is cleared, the next logical move would be a climb to $18 or $20, representing a 55% ascent from the current price.
The triangle's horizontal line at $12 remains the critical support to watch out for on the downside. If this level is breached, the advantage will tilt in favor of the bears. The ICP/USD pair may plunge to $9.36, where the 50-day EMA sits.
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