Internet Computer (ICP) Technicals Suggest More Gains, Bulls Target $20 Resistance

The Internet Computer (ICP) market has been moving in an upward trajectory over the past 24 hours, with prices fluctuating between $17.64 and $19.27, the intraday high and low, respectively. This bullish trend over the previous week and month has driven prices up 5.72% and 39.41%, respectively, showing a strong upward trajectory in the short and medium term.

If the bullish momentum breaks through the $19.27 high, the next resistance levels to look out for are $20.00 and $22. However, if the price fails to hold above the $17.64 support level, a retest of lower levels near $16.00 is possible. At press time, ICP was still positive, trading at $18.09, up 1.59% from the intraday low.

ICP/USD 24-hour price chart (source: CoinMarketCap)

During the rise, ICP's market capitalization and 24-hour trading volume increased by 0.71% and 78.75%, respectively, to $8,309,373,831 and $305,787,740. This spike indicates that investors are acquiring more ICP tokens, anticipating additional price gains in the medium term.

ICP/USD Technical Analysis

On the ICPUSD 4-hour price chart, the stochastic RSI rating of 36.67 indicates that ICP may have a short-term retreat before continuing its upward trend. This estimate is based on the stochastic RSI, which is now in the neutral zone and headed towards the oversold region, indicating a potential consolidation phase before additional price movement. If the stochastic RSI goes below 30, it may indicate a buying opportunity for traders trying to join the market at a reduced price.

ICP/USD 4-hour price chart (source: TradingView)

However, with the Rate of Change (ROC) rising to 4.87, there is still positive momentum in the market, which might support a possible comeback following any short-term slump. This shows that, despite potential short-term volatility, the general trend for ICP is good. Furthermore, rising trade volume suggests increased market interest and engagement, which may boost the possibility of a price comeback.

The Ketner Channel bands are heading upward, with the top, middle, and lower bands at $19.52, $18.11, and $16.706, respectively, indicating a strong rising trend in the near future. The increasing trend indicates that investors may anticipate ongoing growth in the value of ICP, making it an appealing investment for those hoping to profit from prospective price hikes. 

ICP/USD 4-hour price chart (source: TradingView)

Furthermore, with price activity in the middle band and the formation of bullish engulfed candlestick patterns, there is a strong hint of bullish momentum building in the market, anticipating a potential breakout to the higher if optimism remains strong. In addition, the Money Flow Index (MFI) rating of 71.24 indicates that ICP is now under significant purchasing pressure, bolstering the case for a bullish breakthrough. This trend has the potential to attract additional investors who want to ride the wave of positive momentum and profit.