Prepare yourselves, everyone! The ICP price is currently experiencing a rollercoaster ride, retesting the critical low of $10 from last month. This level is not to be taken lightly—it represents a major obstacle that could determine the fate of the bulls. The excitement is palpable, with trading volume spiking by a staggering 25% to $158.24 million within just 24 hours.
The Internet Computer token has rebounded from its 52-week low of $6, soaring over 60% in the span of two weeks. Now, it faces its next significant challenge: the $10 mark, situated within the precarious 200-day EMA zone.
The Battle at $10: Bulls vs. Bears
Buyers have been seizing the opportunity to purchase Internet Computer tokens at bargain prices, but they are now met with a fierce battle at $10. Short-term indicators suggest a potential minor decline on the horizon, indicating a possible rejection. However, the token remains resilient above the 20-day and 50-day EMAs, showcasing underlying strength. Yet, the 200-day EMA poses a formidable challenge, with bears lurking, ready to pounce around the $10 mark.
Currently, ICP is trading at $9.660, marking a modest intraday increase of 1.36%, reflecting a neutral stance on the charts. With a monthly return of 10.20% and an impressive yearly return of 140.20%, ICP is clearly on an upward trajectory. The ICP/BTC pair stands at 0.000153 BTC, with a substantial market cap of $4.65 billion. Analysts remain cautious, suggesting that ICP could gain momentum if it manages to close above the $12 mark. Ranked 26th by market cap with a total supply of 521.20 million, ICP’s volume-to-market cap ratio is at 0.0326.
Can ICP Overcome the 200-Day EMA?
Despite breaking its downward trendline at $9, ICP continues to struggle in conquering the $10 zone, where the 100-day and 200-day EMAs converge. Until it surpasses this crucial level, significant resistances may impede its progress, potentially leading to price consolidation.
The RSI curve has entered the overbought territory, signaling a potential downturn. However, ICP shouldn’t be underestimated yet—the trend reversal remains in play, with a recent higher high observed. On-chain metrics portray a positive outlook, with a 4% increase in weighted sentiment and a 3% rise in social dominance, indicating a favorable upside.
Total liquidations reveal long positions at $284k and shorts at $10k, indicating investors’ eagerness to secure their profits, potentially altering market dynamics. Immediate support levels for ICP are at $9.20 and $8.80, while key resistance levels are at $10.20 and $11.80.
Will ICP Maintain Its Momentum?
ICP has surpassed the 20-day and 50-day EMAs, reaching the crucial 200-day EMA. Short-term indicators signal a positive crossover, hinting at a potential trend reversal. If ICP manages to breach the $10 barrier, a significant short-covering rally could propel it towards $12, setting the stage for an exciting surge.
The anticipation is high. Will the bulls emerge victorious and propel ICP to new heights, or will the bears take control? Investors are eagerly watching as ICP approaches this pivotal moment.
