|

Internet Computer Price Prediction: ICP’s V-shaped recovery rally under threat

  • Internet Computer price has made multiple attempts at a bullish breakout, but all proved futile.
  • A breach of the $13.22 mean threshold is key for ICP, nearly 8% above current levels.
  • Another rejection could see the altcoin retest the $10.00 psychological level.

Internet Computer (ICP) price is pushing for a recovery rally and is about to complete a v-shaped. However, it faces overhead pressure from a supply zone.

Also Read: BNB, ICP, ARB, SEI: Four tokens unstirred by BTC dip as markets record largest altcoin liquidations in 2 years

Internet Computer price eyes 5% extension before possible rejection

Internet Computer (ICP) price is up 30% since the January 23 low of $9.52, pushing north, as part of a v-shaped recovery rally. However, the supply zone between $12.01 and $14.43 threatens the upside potential for ICP.

The Relative Strength Index (RSI) is northbound above the 50 level, suggesting rising momentum. Increased buyer momentum could see ICP price extend the gains to test the midline of the supply zone at $13.22, with a break and close above this level confirming the continuation of the intermediary trend.

Such a move could see the Internet Computer price extend north to convert the supply zone into a bullish breaker. This would be confirmed by a flip of the $15.33 resistance level into support.

In a highly bullish case, the gains could send the Internet Computer price reclaim the range high of $16.30, last tested on January 3. Such a move would constitute a 30% climb above current levels.

ICP/USDT 1-day chart

On the flipside, a rejection from the supply zone could see the Internet Computer price drop, with a possible retest of the $10.00 psychological level. In the dire case, the dump could see ICP roll over to the $8.79 support, nearly 30% below current levels.

Author

Lockridge Okoth

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

More from Lockridge Okoth
Share:

Editor's Picks

Cardano Price Forecast: ADA extends gains after Mastercard deal, Leios testing

Cardano price extends a steady near-term recovery on Monday, inching closer to the long-term 200-day EMA near $0.2464. The recent partnership with Mastercard and the Leios upgrade testing lift ADA investors' spirits. The technical outlook for ADA shows an upside bias as bullish momentum recovers.

Crypto Overview: Bitcoin reclaims $80,000 – Venice Token and NEAR Protocol rally

Bitcoin is trading above $81,000 holding firm after a 6% surge on Friday, linked to US financial watchdogs' efforts to structure crypto assets under existing rules following the CLARITY Act's failure to advance. Venice and NEAR Protocol have posted double-digit gains over the last 24 hours, scaling to fresh annual highs.

Top 3 Price Prediction: BTC extends gains, ETH and XRP advance in uptrend

Bitcoin, Ethereum, and Ripple extend their gains after posting strong gains of over 5%, 6% and 5%, respectively, last week. BTC trades above $81,300, ETH climbs above $2,600, and XRP holds above the key $1.300 support level. All three momentum indicators suggest early bullish momentum and hint at further gains ahead.

Bitcoin pushes above $81K, faces liquidation test between $83K and $86K
Bitcoin (BTC) rose above $81,000 on Friday after climbing back above the True Market Mean, signaling that the market could potentially have moved back into a bullish regime. The True Market Mean, at $76,660, represents the average price paid by active trading participants. BTC’s move back above the level often signals a return to bullish territory and can trigger positive short-term sentiment.
Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed
Bitcoin (BTC) price action has remained resilient this week, trading above $78,000 at the time of writing on Friday, heading toward a key resistance zone. Institutional demand shows early signs of weakness, with spot Exchange Traded Funds (ETFs) on track for a second straight week of outflows, with over $420 million recorded through Thursday amid escalating Middle East tensions.