One of the most straightforward methods of foretelling the price of a cryptocurrency, such as Internet Computer (ICP), is to examine the previous price history of the crypto on a chart. We can summarize an ICP price prediction from the tools freely available on the internet by employing standard technical analysis techniques such as identifying horizontal support and resistance levels, calculating moving averages, and relying on indicators to signal strength or weakness in the market.
TradingView integrates with popular cryptocurrency exchanges such as Binance, Huobi, ByBit, FTX, and others to provide real-time price data on a diverse range of cryptos such as Internet Computer (ICX), Bitcoin (BTC), Ethereum (ETH), and others (ICP). With this, one can chart and analyze the vast majority of the most popular cryptocurrencies
On the 7th of August, the ICP coin achieved a decisive breakout from the critical $54.4 resistance level. It is accompanied by a long green candle supporting a significant volume. Furthermore, following a proper retest of the same level, the price has provided a perfect bullish engulfing follow-up candle. Therefore confirms the successful breakout of the $54.4 resistance level. The coin is currently trading at $66.2 per dollar.
The RSI (BULLISH) indicator is at 70, indicating that the coin market is experiencing a bullish sentiment. Furthermore, the RSI line consistently increases its value, supporting the bullish momentum.
The ICP coin has made an impressive comeback following its second bounce from the $28 mark. The price of the ICP has risen by more than 50%. Several resistance levels have been demolished during this bull rally, and following the breakout of $54. Moreover, the next significant resistance the ICP coin will encounter is at the $70 mark.
Additionally, TRX traders can use the traditional pivot levels on their charts. They provide remarkable confluence and the SR level with the 4hr time frame chart. Therefore, giving an extra edge in one’s trading strategy.
Regarding the exponential moving averages (EMAs) in the 4hr time frame, the ICP coin is trading higher than all critical EMAs (20, 50, 100, and 200). This indicates a strong bull rally in this coin. Furthermore, the chart demonstrates that the 100 and 200 EMAs are beginning to form a bullish crossover. As a result, attracting even more buyers to the cryptocurrency market.
Because both the MACD and the signal line are moving above the neutral zone, the MACD indicator (BULLISH) indicates that the market is experiencing bullish momentum. Furthermore, the indicators show a bullish crossover of these lines, which is bullish.
As a result
The ICP coin exhibits a solid bullish outlook in price action and technical indicators from a technical standpoint. Whatever the case is, the price is charging towards the next resistance level of $70. As a result, ICP traders must wait for the price to reach this overhead resistance before deciding on the coin’s future course.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”