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Highlights
- Internet Computer soars from $6 support as bulls make a major comeback.
- A falling wedge pattern hints at a 56% uptrend to $20 in the coming weeks.
- Select EMAs and a buy signal from the MACD indicator backs the ICP trend reversal.
Internet Computer has been at the forefront of the bullish wave crisscrossing the crypto market since the weekend. ICP boasts a remarkable 10% surge in 24 hours to $10 on Monday backed by a soaring trading volume and a burgeoning market cap.
Investors are breathing a sigh of relief after gruesome weeks marred with major losses. Bitcoin crashed below $60,000 and extended the down leg to $56,000 suppressed by selling pressure emanating from the German government’s sale of Bitcoin.
The defunct Mt. Gox exchange also started distributing Bitcoin and Bitcoin Cash payments to its creditors through the trustee, adding to the selling pressure.
However, June’s CPI data showed that inflation is easing in the US with the Federal Reserve gradually closing in on its 2% inflation target. On the bright side, the report affirmed investor expectations of the first-rate cut despite the seemingly adamant stance.
Internet Computer Price Wedge Pattern Breakout
After topping out above $20 in April, ICP maintained a downtrend within the confines of two narrowing trend lines. The lower trend line served as support, allowing bulls to keep sellers in check while the upper trendline limited upward movements.
Internet Computer price continued down the rabbit hole until support at $6 came to the bulls’ rescue. A rebound from this level to $10 coincided with the general bullish trend in the market since the weekend.
The establishment of a falling wedge pattern points to a bigger breakout. Already ICP sits above several critical levels starting with the 20-day Exponential Moving Average (EMA), the 50-day EMA, and importantly the wedge pattern.
Traders consulting the daily chart likely placed buy orders above the 50-day EMA or above the upper trendline. A 4% increase in volume to $130 million and a 12% surge in the market cap to $4.4 billion underscore the bullish narrative.
Technical Indicators Rally Behind ICP Bulls
The falling wedge exhibits a potential 56% breakout to $20. This breakout represents the height of the pattern as shown on the chart.
In addition to the spike in trading volume, a buy signal from the Moving Average Convergence Divergence (MACD) indicator reinforces the bullish outlook.
Should the MACD cross into the positive region alongside increasing green histograms, Internet Computer price will gain momentum toward the wedge target at $20.
The Relative Strength Index (RSI) recovery above 63 means that the path of least resistance is strongly upwards. A daily close above $10 would go a long way to cement the bulls’ presence in the market.
Frequently Asked Questions (FAQs)
1. What is Internet Computer?
2. Where can I buy and sell ICI?
3. Can Internet Computer hit a new ATH in 2024?
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