Internet Computer (ICP) Price Analysis: ICP Eyes $11 Target

Internet Computer (ICP) has been making waves in the cryptocurrency market, and its recent price surge has caught the attention of investors and traders alike. After a series of impressive rallies, ICP seems poised for another significant move – a 25% rally!

Are new heights finally within reach? Read down below.

Internet Computer (ICP) Price Performance

As of the latest data, ICP is trading around the $8.80 mark, having surged over 15% in the past 24 hours. The trading volume has also seen a substantial increase of 60% during the same period, indicating heightened participation from investors and traders as the price recovers.

ICP Technical Analysis & Key Levels

Despite trading below the 200 Exponential Moving Average (EMA) on the daily chart, ICP’s technical indicators show a bullish outlook. Currently, the cryptocurrency faces stiff resistance at the $8.90 level.

This is the second time since the beginning of August 2024 that the ICP price has reached that resistance level. The last time ICP reached that level, it underwent significant selling pressure, resulting in a steep price decline of nearly 20%. 

However, market sentiment has shifted this time, with increased participation from traders and investors, suggesting a higher chance that ICP could break through this resistance. Should ICP close a daily candle above $9, it could ignite a 25% rally, pushing the price toward $11 in the coming days.

This bullish scenario, however, hinges on a daily close above $9. Failing to do so may invalidate the potential rally.

On-Chain Metrics: Bull Rally Confirmed?!

Supporting this optimistic outlook are positive on-chain metrics. According to Coinglass, ICP’s Long/Short ratio is currently at +1.019, reflecting a strong bullish sentiment in the market. Additionally, futures open interest for ICP has surged by 21%, indicating a growing number of futures-long positions in the last 24 hours. Notably, this open interest has been steadily rising.

A positive long/short ratio combined with increasing futures open interest often signals potential buying opportunities, as traders and investors position themselves accordingly.

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Are you bullish or bearish on ICP? Share your predictions!