ICP Price Triggered a Breakout: Can It Reclaim The $20 Mark Soon

Since April, the Internet Computer (ICP) price has witnessed selling pressure and lost around 60%. It has declined by facing resistance from a descending trendline. ICP price kept trading below the 20-day EMA. When writing, the price exceeded the 20-day EMA and was heading toward the 200-day EMA.

On-chain metrics indicated several positive signs impacting the Internet Computer token’s price. Moreover, the ICP long/short ratio stood at +1.019, signaling a bullish outlook among traders. Internet Computer price rose by 27% in the past 3 days and has defended the last swing lows. Keep on reading to find out how the price might perform in upcoming weeks.

Many Positive Signs for ICP Price: Can It Display an Explosive Momentum?

In ICP crypto, the bearish trend has halted near the major support level of $6.50. Sellers have attempted thrice to drag the price down. However, the buyers showed their involvement and managed to defend the support level.

BasedGiant (@BasedGiant_), a cryptocurrency analyst, tweeted that the ICP crypto looks mind-blowing. It has witnessed buying pressure for the past few days.

This is mind blowing, $ICP burn rate almost doubled in less than an hour, lmao.

Are you entertained friends? pic.twitter.com/Kr1S9Nvi5p

— BasedGiant (@BasedGiant_) September 10, 2024

The burn rate of the Internet Computer token has almost doubled in less than an hour, which has boosted the ICP price.

How Long Can the ICP Price Remain Bullish?

Internet Computer crypto was trading at $8.69 at press time. Over the past 24 hours, the ICP price has dropped 2.82%. Its market capitalization was $4.08 Billion, and the 24-hour trading volume was $175.69 Million, which increased by 188%.

In a daily time frame, the ICP price was heading toward the 200-day EMA after the breakout from a trendline. The trading volume supported this momentum, which could be a key factor in taking the ICP crypto price up.

Buying momentum can be sustained if the token price overcomes the key moving average.

On the other hand, suppose the digital asset price faces resistance from the 200-day EMA and slips below the 20-day EMA; it would be a bearish signal. The ICP Sellers may dominate if the price starts trading below the significant support level of $6.50.

Based on the chart structure, losing the $5 mark could drag the price to a new all-time low. The ICP price has already witnessed strong selling pressure during the monthly time frame and has dropped to the bottom.

The Relative Strength Index (RSI) indicator has shown a sharp uplift and triggered a bullish crossover. It is at 60 and heading toward the overbought zone. The MACD has generated a golden crossover with the signal line, and the histograms have been flipped to green.

ICP Price Analysis and Forecast

Recently observed positive signs and on-chain metrics suggested that the ICP price has the potential to continue its bullish momentum. It has shown resilience and defended the key support levels. That’s an indication of solid buyer involvement.

Additionally, the recent increase in the burn rate of the Internet Computer token has made its price surge. The technical indicators, such as the RSI and MACD, also support a bullish outlook for ICP. So, it shouldn’t surprise crypto enthusiasts if the ICP crypto price surges in the near future.

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