thecoinrepublic.com
The Internet Computer (ICP) token price saw a massive pullback from its 52-week low mark of $6. It revived over 60% in the last two weeks. Meanwhile, the token price reached its make-or-break hurdle of $10, the 200-day EMA zone.
The buyers have undoubtedly bought the dips and accumulated the token from its base, but it has reached its reversal zone, and a rejection could occur from there.
The short-term leading indicators did not favor straightforward buying traction and suggested a slight dip might soon be possible.
The ICP token was comfortably placed above the 20-day and 50-day EMAs, signifying the strength. However, it reached its pivot hurdle of 200-day EMA, and a probability of rejection was on the horizon.
The bears grabbed their positions around the $10 mark at press time and were waiting for the opportunity for a turnaround to trap the mighty bulls.
The ICP Price at Press Time
At press time, the ICP price traded at $9.96 with an intraday surge of 1.36%, reflecting neutrality on the charts. It has a monthly return ratio of 10.20% and 140.20% yearly, reflecting a short-term uptrend.
The pair of ICP/BTC was at 0.000153 BTC, and the market cap was $4.65 Billion. Analysts were neutral and suggested that the ICP price may gain momentum once it closes above the $12 mark.
In terms of market cap, ICP ranked 26th at the time of writing and had a total supply of 521.20 Million, while the volume-to-market cap was 0.0326.
Can the ICP Price Cross the 200-day EMA?
The ICP price recently breached its downward trendline hurdle of $9 and gained a bullish swing. However, it still failed to overtake the cluster of $10, where the 100-day and 200-day EMAs were placed.
Javon Marks (@JavonTM1) tweeted that ICP has gained bullish momentum and could continue the upsurge.
$ICP (Internet Computer)'s and a >7.2X ♾️:
— JAVON⚡️MARKS (@JavonTM1) July 17, 2024
Currently prices of Internet Computer (ICP) are springing back majorly here with significant bullish action and they may be in the early stages of a massive continuation towards the $79.572 breakout target!
As prices hold broken free… https://t.co/HvAfeMGh3I pic.twitter.com/NgZySverz8
Until the token goes beyond it, significant resistances might act as a barrier, and consolidation can be possible in the price action ahead.
The RSI curve reached the overbought zone and indicated a possible dip in the token price. However, the trend reversal remained intact, and a fresh higher high was noted.
On- Chain Metrics Showed an Uptick
The Weighted Sentiment data showed a spike, growing over 4% and reaching the positive region, highlighting the favorable upside ahead.
The Social Dominance data witnessed an uptick of over 3%, displaying neutral investor interaction on social media platforms.
Total Liquidations Chart
At the time of writing, the long liquidation noted an increase, rising to $95k, while the short liquidations were at $10k.
This data highlighted that investors took the bounce as an opportunity and were willing to secure their gains. That could lead to a shift in market dynamics.
The immediate support levels for the ICP token were $9.20 and $8.80, whereas the key upside hurdles were around $10.20 and $11.80.
Could ICP Sustain Near $10?
The ICP token price climbed above the 20-day and 50-day EMA marks and reached the major hurdle of the 200-day EMA. Its short-term indicators revealed a positive crossover and implied a trend reversal.
Once the price crosses the barrier of $10, a massive short covering flow would take it toward the $12 mark soon.