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Internet Computer (ICP) price was at $7.975, down by 4.47% in the last 24 hours. The asset has been consolidating within a symmetrical triangle pattern, signaling that a significant price move could be imminent.
Traders are now keenly observing strong support and resistance levels for breakout or breakdown soon.
Regarding the technical aspects, there are both bullish and bearish signals. The MACD is still marginally bearish, with the MACD line at 0.001 level and signal line at -0.101 level suggesting weak bearish momentum.
The RSI is at 46.82, suggesting the market sentiment is neutral to slightly bearish, as the indicator remains below the 50 level.
Analysts Predict Bullish Long-Term Outlook for ICP
According to the analyst Ragnarok, the short-term and long-term outlook appears to be quite positive for Internet computers. Looking forward to the end of 2024, the forecasts vary between $11 and $55, with a concentration of estimates between $25 and $35.
🆂🅷🅾🆁🆃-🆃🅴🆁🅼: (End of 2024): from $11 to $55🚀, with a notable concentration around $25 to $35. This suggests a strong bullish sentiment for the near term, potentially fueled by market trends, announcements or developments within the Internet Computer ecosystem like a… pic.twitter.com/G0hyFbFq4l
— 🅶4🅼🅱🅻🅴🆁 ∞ (@Ragnarok_177) October 18, 2024
Relative to that, Ragnarok believes that the price of ICP will go even higher, with estimation of $120 and $130 by May 2025. This period aligns with the last unlock of ICP from SEED investors, and the possibility of price changes always arise with increased market liquidity. Analysts foresee this event as a critical moment for the asset.
By the end of 2025, the analyst forecasts ICP’s price to range between $160 and $180, with a more optimistic outlook suggesting it could reach between $250 and $300.
This bullish outlook is rooted in expectations of increased adoption, strategic partnerships, and technological advancements that could drive growth within the Internet Computer ecosystem.
ICP’s price surged to $497.71 on May 10, 2021, but has since experienced a significant decline.
Symmetrical Triangle Hints at Imminent Price Movement
Randy Lawrence an analyst in the field of financial analysis has noted that the value of ICP is following a symmetrical triangle pattern for the asset to show a critical breakout.
#ICPUSDT $ICP
— Randy Lawrence (@shvronxx) October 18, 2024
Its consolidating within the Triangle. If market wants to go higher then the Potential play would be dip towards 7$ and rebound from there.
Daily acceptance below 6.92 will break MS to the lower side#cryptotrading #UnitedKingdom #UnitedStates #Singapore pic.twitter.com/FYVjrVbjGa
The price has been ranging within this pattern as it trades close to the lower trendline at $7.88. The breakdown of this trendline could bring the price back to the support at $7.5, more support lies at $7.0 and $6.5.
That said, Lawrence also notes that there is also an upward breakout from the triangle formation. In the event this price pulls above the upper trend line it may easily rally towards or even hit $9.5 or $10.0. This will represent a major shift in the trend in favor of the bulls and this means that the long-term bear trend may very well be up for reversal.
He also added that in the event that the price drops below $6.92 more losses can result and snap the current market formation. The 200-day moving average remains a key rally point just above the current price in case of a bull charge.