Internet Computer (ICP) Prices Experience a Correction, Will They Rise Again?

Recently, the price of Internet Computer (ICP) experienced a significant decline, falling from a peak of $16.3 to $10.3, or about 36.6%. This decline coincided with low transaction volume, indicating that this may be just a short-term price adjustment and not a long-term trend reversal.

Currently, ICP price is being tested at the support level which was previously penetrated by the 'cup and handle' pattern. This could be an opportunity for traders to consider entering the market.

Potential ICP Price Increase to $15

Analysis shows that there is a possibility of a bullish reversal from the price around $11, with indicators such as the engulfing candle, signaling the continuation of the uptrend.

This is reinforced by the ICP price position above the daily moving averages (EMAs) 20, 50, 100, and 200, which indicates an aggressive uptrend.

ICP's intraday trading volume reached $10.2 billion, up 78%, indicating increased interest and activity in the market.

Also read: What is ICP? Here's How It Works, Features, and Roadmap

Cup-and-Handle Pattern Could Take ICP to $20

In daily analysis, Internet Computer coin shows a bullish 'Cup-and-Handle' formation that has been developing over the past 18 months. This pattern indicates accumulation in the market and has the potential to signal a change in the direction of a major trend.

Coingape

Since mid-October, the price of ICP has seen a dramatic increase from $2.9 to $16.3, or about 457%. This spike led to a breakout of pattern resistance on December 30, signaling a possible exit from a long accumulation phase and preparing for a significant surge.

Last week's price drop to the $11 level appears to be a retest of broken resistance, which is now serving as support.

Today's 15% price increase indicates that there is active accumulation by buyers at this level, increasing the potential for a continued uptrend.

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Conclusion

With the 'Cup-and-Handle' pattern still in effect, there is a possibility that ICP price could increase by up to 56%, with a psychological price target of $20.

High trading volumes during bullish periods indicate strong interest from traders, more likely to be in long-term buy positions than short-term sell.

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DISCLAIMER : This article is informational in nature and is not advice, recommendation, offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time. Bittime is not responsible for changes in exchange rates or crypto asset prices.