- The Internet Computer (ICP) has experienced a rapid surge over the past four weeks, reaching a high of $16.30.
- ICP’s price movement involves breaking from a prolonged horizontal resistance zone since April 2022.
- The surge gained momentum with a breakout from a descending resistance trend line.
The Internet Computer (ICP) has experienced a swift ascent over the past four weeks, reaching an impressive high of $16.30. The surge follows a parabolic trajectory, marked by decisive breakouts from key resistance levels, signaling a significant shift in market dynamics.
ICP’s price trajectory has been marked by a break from a prolonged horizontal resistance zone that has persisted since April 2022. During this phase, the price demonstrated resilience by establishing two lower lows in November 2022 and October 2023.
ICP’s parabolic rise
The upward momentum gained momentum with a breakout from a descending resistance trend line, propelling the price to its current high of $16.30. Notably, this breakout also facilitated a breach of a crucial horizontal resistance area.
Market analysts often turn to the Relative Strength Index (RSI) as a vital momentum indicator to assess whether an asset is overbought or oversold.
In the case of ICP, the weekly RSI reveals an upward trend, surpassing the 50 threshold, indicating bullish momentum. Despite the overbought status, the absence of bearish divergence suggests a potential continuation of the upward trajectory.
Prominent voices in the cryptocurrency community are expressing optimistic sentiments about ICP’s future price trajectory. The House of Crypto draws parallels between ICP, Bitcoin (BTC), and Ethereum (ETH), hailing it as a groundbreaking innovation within the crypto space.
Crypto Ninja echoes this sentiment, labeling ICP a long-term gem despite its remarkable 450% increase. Additionally, CryptoMarkets identifies a bullish candlestick pattern after a bearish one, setting a target of $24.50.
As the Internet Computer continues its ascent, the $20 threshold looms at a key psychological and technical level.
