Why Is Internet Computer (ICP) Price Up Today?

The post Why Is Internet Computer (ICP) Price Up Today? appeared first on Coinpedia Fintech News

With a jump of 13.86% over the past 24 hours, the ICP price has secured the top gainer spot for the day among the top 100 cryptocurrencies by market capitalization.

The prime reason for the recent jump is speculated to be the sudden inflow of funds into the project. Reportedly, Internet Computer has recorded a 24-hour trading volume of $197.367 million, a jump of 216.56% when compared to Monday.

With this, investors are curious about this Artificial Intelligence (AI) token’s future price projection. Planning on investing in this crypto project? Scroll down to uncover the market sentiments and possible price action of the Internet Computer (ICP) crypto token.

ICP Price Fails To Breach Its Important Resistance Trendline

Amid the ongoing recovery in the cross-border financial system, the Internet Computer price has surged ~20% over the past week. With this, the altcoin has successfully retested its crucial support level.

TradingView: ICP/USDT

Presently, the altcoin is hovering close to its resistance trendline of the price trend and is on the verge of testing it. However, the outcome of this is uncertain.

The EMA 50-day has experienced a bullish crossover in the ICP price chart, indicating an increase in the buying pressure within the crypto market. On the flip side, the 200-day acts as a resistance to the price chart. This indicates a mixed sentiment for the AI token in the market.

Further, the RSI indicator, after recording a sideways trend for a while experienced a sharp rise toward the overbought range. On the other hand, it has recorded a bearish reversal with the ongoing correction. This suggests increased price action.

Will Internet Computer Price Rise Back Up?

A bullish break out of the resistance trendline of the triangle pattern could result in the ICP price testing its resistance level of $11 soon. Furthermore, if the bulls continue to dominate the market, it may prepare to test its upper resistance level of $14 in the coming time.

Conversely, a bearish reversal could pull the price of Internet Computer crypto toward its crucial support level of $6.625.

Also read, Internet Computer Price Prediction 2024 – 2030!