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Internet Computer ($ICP) price could soar by 25% to the $11 level if it closes a daily candle above $9.
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$ICP's open interest has increased by 21%, indicating more futures-long positions have been built in the last 24 hours.
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$ICP’s positive long/short ratio and rising future open interest signal potential buying opportunities.
On September 11, 2024, Internet Computer ($ICP) made waves in the cryptocurrency market with its impressive price performance. However, based on its chart and price action, it appears that $ICP is just one step away from a potential 25% rally.
Internet Computer ($ICP) Price Performance
At press time, $ICP is trading near $8.8 level and has experienced a price surge of over 15% in the last 24 hours. Meanwhile, its trading volume has increased by 60% during the same period, indicating higher investors and traders participation amid the ongoing price recovery.
$ICP Technical Analysis and Upcoming Levels
According to expert technical analysis, Internet Computer ($ICP) appears bullish despite trading below the 200 Exponential Moving Average (EMA) on the daily time frame. Currently, $ICP is facing strong resistance near the $8.9 level.
This is the second time since the beginning of August 2024 that the $ICP price has reached that resistance level. The last time $ICP reached that level, it underwent significant selling pressure, resulting in a steep price decline of nearly 20%.
However, this time, trader and investor participation is different, and the sentiment has shifted, increasing the likelihood that $ICP could breach this resistance level. If $ICP breaks out this resistance level and closes a daily candle above $9, there is a strong possibility it could soar by 25%, reaching the $11 level in the coming days.
This bullish thesis is only valid if the $ICP price closes its daily candle above $9, otherwise, it may fail.
Bullish On-Chain Metrics
Moreover, Internet Computer’s ($ICP) bullish outlook is also supported by on-chain metrics. Coinglass’s $ICP Long/Short ratio currently stands at +1.019, reflecting bullish market sentiment. Additionally, $ICP’s futures open interest has increased by 21%, indicating more futures-long positions have been built in the last 24 hours. Notably, this OI has been steadily increasing.
According to the data, a positive long/short ratio and rising future open interest signals potential buying opportunities. Traders and investors often take this while building long/short positions.