Key Insights:
- Internet Computer (ICP) has seen a 5% price increase over the last week and is currently trading just under $6.
- Technical analysis shows a bullish trend with ICP, as well as a possible breakout towards its 200-day EMA at $8.
- Analysts are generally bullish on ICP, and most predictions of rallies range between $8 and $15.l.
Internet Computer has moved alongside most of the market over the last week, and has basked in the new all-time high registered by Bitcoin. At the time of writing, Bitcoin currently trades at about $111,280, and the total crypto market cap has shot up to around $3.51 trillion.
Internet Computer itself is trading at a 5% price increase over the last week, just as it trades underneath the $6 price level. The question at this point remains: Is further upside incoming for this cryptocurrency?
Internet Computer’s Price Performance
According to data from CoinMarketCap, Internet Computer is trading at a current price of $5.66.
This came amid a 2% price increase over the last day, as well as a 5% price increase over the last week.
At the time of writing, the cryptocurrency is up by around 10% over the last month, which is on the relatively low side compared to other major cryptocurrencies.
However, the trading volumes on the cryptocurrency are healthy, with $76 million over the last 24 hours before writing and a market cap of $3 billion. In all, a break above the psychological $6 price level could be in the works for Internet Computer.
What Do The Charts Say?
The charts present some interesting aspects to Internet Computer. For example, the RSI shows that the cryptocurrency is trading strongly in bullish territory on the daily timeframe. Moreover, this bullish momentum is resulting in a crossover between the signal line and the MACD.
The charts also show that the cryptocurrency has been trading within a descending channel since February. This means that the bears had been stronger than the bulls during this timeframe. On the flipside, the current charts show a double-retest of the upper trendline of the descending channel.
What this means is that the bulls are now taking proactive steps towards initiating a breakout.
As such, any breaks above this price level could lead to a rally towards the cryptocurrency’s 200-day EMA around the $8 price level.
What Do Analysts Say?
Analysts are generally bullish on ICP, especially with the ongoing bullishness of the general market.
For example, analyst Market Maestro recently took to Twitter (now X) to note that Internet Computer is currently showing a “diamond bottom formation”. The analyst noted that for ICP to see a reversal from its ongoing bearish influence, it first needs to to break the red diagonal resistance and move above Blue average as illustrated in the chart.
Furthermore, the analyst mentions that ICP doesn’t look very strong for the time being.
However, if the bulls return to the crypto market and the FED reviews its interest rate policy, things could change for Internet Computer, and a solid buying opportunity could emerge.
World of Charts, another analyst believes that ICP has already confirmed a breakout from a falling wedge, and is now testing another major resistance (somewhere around $6).
This means that if the cryptocurrency successfully clears the $6 price level, it could be ready to hit not only its 200-day moving average around $8. It could be in for a major rally beyond that, towards $15 over the coming days.
