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- 1 ICP crypto price has recovered above 20-EMA and is heading towards the $6.00 level
- 2 The cryptocurrency is trading above major moving averages, indicating a bullish mood
The ICP crypto price has recovered above 20-EMA to reach the 50, 100, and 200-day Daily Moving Average. Internet Computer Crypto (USD/ICP) is showing strength and heading towards the $6.00 level. This positive trend suggests that an upward move for ICP Crypto toward the expected target of $10 is possible. Therefore, buyers are likely to maintain long cryptocurrency positions. Internet Computer Crypto is trading above major moving averages, indicating a bullish mood.
Additionally, chart structures established on recent trading sessions deliver a bias in favor of bulls. The cryptocurrency has gained momentum and is poised for an uptrend that could reach $10.00. The heightened activity and acceleration also support the promising outlook of market bulls.
At the time of publication, the Internet Computer Crypto was trading at $5.42 with an intraday gain of 1.41%. It shows bullish sentiment and a positive outlook on the charts. Additionally, the intraday trading volume was $93,183,321 and the market capitalization was $2.447 billion.
However, if buying volume boosts, the price can make higher highs and new highs to retain bullish momentum. Therefore, Internet Computer price is expected to move higher and remain strong on the daily chart.
Technical Analysis of the ICP Crypto Price in 1-D Timeframe
Internet Computer Crypto (USD: ICP) is currently trading above its 50-day and 200-day simple moving averages (SMA), which supports the price momentum. The current RSI value is 63.73 points. The 14 SMA is above the midline at 61.59 points, indicating a bullish trend for the ICP coin. The MACD line at 0.299 and the signal line at 0.245 are above the zero line.
There is a bullish crossover on the MACD indicator, which indicates strength in the price momentum of the ICP cryptocurrency. Stochastic RSI is consolidating near overbought levels. The %D and %K lines are crossing each other in a negative direction, although they have crossed the 80 RSI area.
The current stochastic RSI value is 85.86 points. The ICP coin’s weekly chart shows buyers dominating. This cryptocurrency is in an uptrend as it rises above the main EMA.
Technical indicators also support the bullish sentiment as RSI is close to the overbought zone of 62 and MACD has formed a bullish crossover with the green band. These signals indicate that the cryptocurrency could move upward in the coming weeks.
Summary
Internet Computer Crypto (ICP) is one of the most promising cryptocurrencies in the market, as it desires to create a decentralized internet platform. It has shown a robust comeback from its lows and is now trading above key resistance levels. The technical analysis of the daily and weekly charts suggests that the cryptocurrency is in a bullish trend and has the potential to reach the $10 mark in 2023. Therefore, investors and traders can expect a positive return from ICP crypto in the long term.
Technical Levels
Support Levels: The Internet Computer Crypto price may find support at $4.945 and $4.476, where it could bounce back or stabilize.
Resistance levels: The ICP Crypto price may face resistance at $5.500 and $5.737, where it could reverse or consolidate.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.