Over the past few days, the Artificial Intelligence (AI) category has displayed a strong bullish price action. Moreover, top tokens have successfully surpassed their important resistance levels. This indicates an increase in the buying pressure for these altcoins in the crypto market.
However, the ICP price has continued trading within a consolidated range between $6.625 and $8.825 for about 2 months. This has resulted in a constant rise in questions like “Will ICP price ever rise back up?” and “Will ICP Price Go Up?”.
Scroll down to uncover the price analysis and possible targets of the Internet Computer (ICP) cryptocurrency.
ICP Price Records A Consolidated Price Action
The Internet Computer has formed a descending triangle pattern in the 1D time frame and has continued to trade within it since mid-June. Moreover, this altcoin has repeatedly failed to break out of its resistance trendline. This suggests a decline in the buying pressure.
After recording a correction of 15.24% during the past month, the ICP coin price has jumped 1.36% within the past day with a trading volume of $75.074 Million. Further, with a jump of 2.01% over the past week, this crypto token has secured 23rd position with a market cap of $3.76 Billion.
Internet Computer Market Sentiments
The technical indicator RSI has displayed a strong bullish reversal below the mid-point. Further, the average trendline has recorded a bullish convergence in the 1D time frame. This highlights increased price action for the altcoin in the market.
However, the MACD has recorded a constant decline in the green histogram with a constant flatline in its averages. This indicates a mixed sentiment for the altcoin this week.
Will ICP Price Rise Back Up?
Suppose, the bulls regain momentum, in that case, the Internet Computer price will retest its resistance level of $8.825. Maintaining the price at that level will set the stage for this crypto token to head toward its upper resistance level of $11.30 during the upcoming weeks.
On the flip side, if the bears continue to dominate the crypto market, the ICP coin price will plunge toward its crucial support trendline of $6.625 in the coming time.
Also, read our Helium (HNT) Price Prediction 2024-2030
