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Internet Computer [$ICP] became one of the market’s top gainers after rising more than 10% over 24 hours.
The rally followed three retests of the $1.98 to $2.10 demand zone. Each retest drew buyers, strengthening the area’s importance.
Trading Volume and derivatives positioning also supported the recovery. However, crowded longs could expose $ICP to a sharp pullback.
Is buying pressure building behind $ICP?
$ICP’s Trading Volume nearly doubled to $84.36 million, according to Santiment data.
The increase accompanied the altcoin’s rally, suggesting stronger market participation. Still, volume alone cannot confirm sustained spot demand.
Meanwhile, Coinalyze data showed that longs accounted for 67.88% of $ICP positions on the daily timeframe. This bullish positioning could support the recovery if spot buyers maintain control. Even so, a long-heavy market may amplify losses during a sudden reversal.
Can $ICP clear the $2.40 barrier?
On the daily chart, $ICP approached resistance near $2.40 after leaving its recent consolidation range. A daily close above that level could strengthen the bullish setup. That move could place the next visible resistance near $2.64 in focus.
The altcoin also traded above its 20-day, 50-day, 100-day, and 200-day EMAs. This alignment suggested that buyers had regained short-term control.
Could liquidity pull $ICP toward $2.60?
The Liquidation Heatmap showed a notable liquidity cluster between $2.60 and $2.70. If $ICP breaks $2.40 with sustained momentum, the price could move toward that zone. However, the chart alone did not verify the draft’s $1 million estimate.
Final Summary
- Internet Computer [$ICP] bounced after testing this demand area three times, showing buyers remained active near $2.
- Long positions accounted for 67.88% of daily $ICP exposure, indicating bullish sentiment. However, this could increase liquidation risk if the price falls.