The Internet Computer (ICP) token has been on a remarkable upward trajectory, surging an impressive 40% over the past month and soaring 10.06% in just the last 24 hours. According to the latest market data, ICP’s market capitalization currently stands at over $8.5 billion ranking it as the 18th largest cryptocurrency by market cap.
ICP Data Chart (CoinMarketCap)
The trading volumes for ICP have also seen a significant boost, with a 33.10% increase in the 24-hour trading volume, which now stands at over $323 million. Also, the volume-to-market cap ratio for ICP over the past 24 hours is a healthy 3.79%. With a circulating supply of 461,607,777 ICP and a total supply of 516,629,734 ICP, the Internet Computer project has captured substantial interest from investors.
Technical Analysis Unveils Bullish Momentum
A closer look at the technical analysis of ICP’s price movements reveals a bullish momentum that has been building up over the past few weeks. On the weekly timeframe, ICP’s price broke out of a descending triangle pattern on December 4th, 2023, marking the beginning of a strong bull run.
For the past two weeks, ICP has experienced drastic bullish momentum, breaking through the resistance level of a ranging channel at around $16, turning it into a support level. The price has been on a rally to testing resistance levels at $23 and $24.
ICPUSD Weekly Chart (TradingView)
After a brief retracement to the $16 support level, ICP has faced rejection and is now embarking on its bullish trend once again.
On the daily timeframe, ICP broke out of a ranging channel at the $16 level on March 25th, 2024, after five consecutive bullish days. Before the 5-Candle bullish run, the price touched support at the $10 level on March 20th. This time, the $16 level failed to provide a rejection, allowing ICP to continue its upward trajectory.
ICPUSD Daily Chart (TradingView)
Since the breakout, ICP recorded a recent high of $20.9 before retracing to retest the $16 support level on March 23rd, 2024. The price has since consolidated within this zone, opening today’s trading session at $17.887 and reaching a low of $17.3 as of writing.
If the bulls manage to maintain control and keep the price above the $16 support level, ICP could potentially retest the highs at the $23 and $24 zones soon enough.
Bullish Indicators and Future Outlook
Technical indicators such as the Relative Strength Index (RSI), currently positioned at 64 dor the daily chart, point towards a bullish momentum for ICP. If this bullish trend continues, the Internet Computer’s price could gain further strength and even reach a new high of $50 in the future.
However, it is essential to note that a reversal in trend could see the momentum wane, potentially dragging the price down to test the $10 lower support level once again. However, the chances of such a scenario seem minimal given the current market sentiment.
As the Internet Computer project continues to gain traction and garner attention from developers and users alike, the future outlook for ICP appears promising, with the potential for further price appreciation and adoption in the coming months.
