Over the past few days, the Artificial Intelligence (AI) category has shown a strong bullish price movement. Moreover, top tokens have successfully overcome their important resistance levels. This indicates an increase in buying pressure for these altcoins in the crypto market.
However, the ICP price has continued to trade in a consolidated range between $6,625 and $8,825 for about 2 months now. This has led to a constant rise in questions like “Will the ICP price ever go up again?” and “Will the ICP price go up?”.
Scroll down to discover the price analysis and possible targets of the Internet Computer (ICP) cryptocurrency.
ICP price records consolidated price action
The Internet Computer has formed a descending triangle pattern on the 1D time frame and has continued to trade within it since mid-June. Moreover, this altcoin has repeatedly failed to break out of its resistance trend line, indicating a decline in buying pressure.
After a correction of 15.24% in the last month, the price of ICP coin has increased by 1.36% in the last day with a trading volume of $75.074 million. Moreover, with a 2.01% increase in the last week, this crypto token has secured the 23rd place with a market capitalization of $3.76 billion.
Mood on the Internet computer market
The technical indicator RSI has shown a strong bullish reversal below the midpoint. Moreover, the average trend line on the 1D time frame has seen a bullish convergence. This highlights the increased price movement for the altcoin in the market.
However, the MACD recorded a consistent decline in the green histogram with a constant zero line in its averages, indicating a mixed sentiment for the altcoin this week.
Will the ICP price rise again?
Suppose the bulls regain momentum. In this case, the Internet Computer price will retest its resistance level of $8.825. If the price holds at this level, it will set the stage for this crypto token to head towards its upper resistance level of $11.30 in the coming weeks.
On the other hand, if the bears continue to dominate the crypto market, the price of ICP coin will drop to its crucial support trend line of $6,625 in the coming period.
Read also our Helium (HNT) price forecast 2024-2030
