- ICP price recently surpassed $16 for the first time in 23 months, indicating strong bullish momentum in the market.
- Technical indicators like the Golden Cross and rising MACD suggest ICP could continue rallying up to $20 if bulls maintain control.
- However, volatility remains high so ICP could see more downside if bullish momentum falters and price falls below key support at $15.35.
The Internet Computer price has surpassed $16 for the first time in 23 months, indicating strong bullish sentiment in the crypto market.
Recent ICP Price Action
The ICP price traded between $12.53 and $13.65 for a period before jumping 26.59% to $16. The bulls then faced rejection and the price reversed, testing the $12.53 low again.
After regaining momentum, the bulls broke above resistance where the price displayed a neutral trend for nine days. As volatility grew, the bulls started trading under bearish influence and lost 23% over a week.
After testing the low of $10.74, the bulls jumped 27% before hovering near the resistance/support level at $13.65.
Bullish Technical Indicators
The 50-200 day EMA shows a Golden Cross, highlighting bullish momentum.
The MACD displays a green histogram, signaling increased bullish sentiment for ICP. The MACD averages also show a significant rise, suggesting positive upcoming price action.
ICP Price Outlook
If the bulls hold above $16 support, ICP will likely continue gaining power and test resistance at $18.25. With continued bullish momentum, ICP could test its high of $20 soon.
On the other hand, a trend reversal would cause the bulls to lose momentum and fall to the $15.35 support. If bulls then fail to regain control, the ICP price could continue falling to retest the $13.65 low.
Conclusion
The technical indicators suggest ICP could be gearing up for a rally to $20 if bullish momentum persists. However, the crypto market remains volatile, so ICP could see more downside if bulls lose control. The next few weeks will be crucial in determining if ICP can break out or if it will retreat back down to lower support levels.
