Internet Computer (ICP) Price Performance
On September 11, 2024, Internet Computer (ICP) made a significant impact in the cryptocurrency market with its impressive price performance. Based on its chart and recent price actions, ICP seems to be on the verge of a potential 25% rally.
At the time of writing, ICP is trading near the $8.8 level, having experienced a price surge of over 15% in the last 24 hours. Additionally, its trading volume has increased by 60% during the same period, indicating heightened participation from investors and traders amid the ongoing price recovery.
ICP Technical Analysis and Upcoming Levels
Expert technical analysis suggests that Internet Computer (ICP) remains bullish despite trading below the 200 Exponential Moving Average (EMA) on the daily time frame. Currently, ICP is facing strong resistance near the $8.9 level.
This is the second time since the beginning of August 2024 that the ICP price has reached this resistance level. Previously, ICP experienced significant selling pressure upon reaching this level, resulting in a steep price decline of nearly 20%. However, the current trader and investor participation is different, with a noticeable shift in sentiment. This increases the likelihood that ICP could breach this critical resistance level.
If ICP manages to break through this resistance and closes a daily candle above $9, there is a strong possibility it could soar by 25%, targeting the $11 level in the coming days. This bullish thesis relies on ICP closing its daily candle above $9; otherwise, the rally may fail to materialize.
Bullish On-Chain Metrics
Moreover, Internet Computer’s (ICP) bullish outlook is reinforced by favorable on-chain metrics. According to Coinglass, ICP’s Long/Short ratio currently stands at +1.019, reflecting a bullish market sentiment. Additionally, ICP’s futures open interest has increased by 21%, indicating that more futures-long positions have been established in the last 24 hours, and this open interest has been steadily increasing.
The data suggests a positive long/short ratio and rising future open interest as potential buying opportunities. Traders and investors often consider these metrics when building their long/short positions, further supporting ICP’s positive outlook.
