Internet Computer Price Hits New Yearly High After 120% Weekly Gain, What’s Next?

Defying the current market uncertainty, the Internet Computer price stood out as the highest gainer of the week, with six consecutive green candles in the daily time. From the December 12th low of $5.27, the coin price surged nearly 120% to reach a new yearly high of $11.25. Amid this rally, coin price has breached some crucial resistances offering buyers an opportunity to prolong recovery.

Also Read: Bloomberg Strategist Says Gold May Outshine Bitcoin (BTC) in 2024

Is the Internet Computer Price Ready to Hit $15?

• A bullish breakout from the wedge pattern is an early sign of trend reversal
• The Relative Strength Index at the overbought region indicates a possibility of bearish correction
• The intraday trading volume in ICP is $616.2 Million, indicating a 11.8% loss

Amid the broader market bullish sentiment, the ICP price has been on a recovery trend since mid-October. However, this rally picked up actual momentum from December 13th, when the price breached the 16-month-long trendline. 

Another news that has likely contributed to the strong inflow of buying pressure is a strategic partnership of Internet Computer with the Gaudi Knowledge Association and The Moon Labs for the Web3 projects.

By the press time, the Internet Computer Price trades at $11.08, projecting a 274% gain in the past two months. Amid this rally, the buyers have reclaimed some crucial resistance such as $7.25, $8.28, and most recently $9.8. 

With a significant surge in volume, the price behavior reflects no weakness and a high potential for a rally. If the ICP price shows sustainability above the breached $9.8 barrier, the buyers could chase the next potential targets of $11.4, followed by $14.6.

Key Levels to Watch

While the market’s current outlook for Internet Computer is strongly bullish, such aggressive buying is only possible with some key development or news. Thus, this altcoin may soon witness a pullback to stabilize the price behavior. If the ICP price forms a top at $11.9, the Fibonacci retracement tool indicates suitable support at $9.83, $8.28, or $7.25, coinciding with 23.6%, 38.6%, and 50% FIB levels, respectively.

• Exponential Moving Average: A bullish crossover between the 100-and-200-day EMA boasts buying pressure in the market.
• Relative Strength Index: The RSI slope at 91% reflects an aggressive buying and early sign of overbought assets.