crypto-economy.com
TL;DR
- $ICP price rose 12% to near $3 after South Korean Upbit listing news.
- Upbit added $ICP trading pairs against won, Bitcoin, and Tether.
- Price broke above $2.60 resistance on higher daily trading volume.
The Internet Computer ($ICP) token saw its price increase during morning trading in Asia on Wednesday. $ICP moved from $2.60 to nearly $2.94 within a few hours. Daily trading volume doubled during that period.
The upward move coincided with an announcement from Upbit. The exchange, which operates in South Korea, confirmed it would add $ICP to its spot trading platform. The news was published on March 11.
Upbit enabled three trading pairs for the token
Users can now exchange $ICP with the South Korean won, Bitcoin, and Tether. South Korea accounts for a large portion of global crypto trading volume. Upbit holds the largest market share among exchanges in that country.
Listings on major platforms typically expose a token to millions of new users. This access to a wider buyer base can increase liquidity and transaction volume. In this case, the price reacted positively within hours of the notice.
The broader cryptocurrency market showed signs of a mild recovery. Bitcoin moved up slightly and approached $71,000. Other AI-related tokens, such as those from Artificial Superintelligence Alliance and Render, also traded higher. This context supported $ICP’s move.
Internet Computer is a layer-1 project. Its technical proposal involves offering cloud computing services directly from a decentralized network. The protocol aims to compete with traditional digital infrastructure providers.
The token had been trading in a sideways range between $2.30 and $2.60 during previous days. Wednesday’s rally broke through that consolidation zone. Buyers managed to clear the $2.60 resistance level on rising volume.
The daily chart showed positive technical indicators. The price moved above the 50-day moving average, which stood at $2.60. The Relative Strength Index moved up but did not reach overbought territory. The MACD indicator reflected upward momentum with an expanding histogram.
Traders are now watching the $3 level closely. If the price holds above that mark, the next technical target would be the recent high of $4.55. It remains to be seen whether demand will persist in the coming days or if the token will resume sideways movement.