Internet Computer (ICP) Price Jumps 14%, Eyes on $11 Target

On September 11, 2024, Web Pc (ICP) made waves within the cryptocurrency market with its spectacular worth efficiency. Nonetheless, based mostly on the chart and worth motion, it seems that ICP is only one transfer away from a possible 25% rally.

Web Pc (ICP) Value Efficiency

On the time of writing, ICP is buying and selling across the $8.8 stage and has skilled a worth improve of over 15% within the final 24 hours. In the meantime, buying and selling quantity has elevated by 60% over the identical interval, indicating better participation from traders and merchants amid the continued worth restoration.

ICP technical evaluation and upcoming ranges

In line with professional technical evaluation, Web Pc (ICP) seems bullish regardless of buying and selling beneath the 200 Exponential Transferring Common (EMA) on the every day timeframe. Presently, ICP is dealing with sturdy resistance close to the $8.9 stage.

That is the second time since early August 2024 that the ICP worth has reached that resistance stage. The final time ICP reached that stage, the corporate skilled vital promoting strain, leading to a steep worth drop of virtually 20%.

Nonetheless, this time, dealer and investor participation is totally different and sentiment has modified, rising the chance that ICP might break this resistance stage. If ICP breaks this resistance stage and closes a every day candle above $9, there’s a good likelihood that the worth will rise 25% and attain the $11 stage within the coming days.

This bullish assertion is simply legitimate if the ICP worth closes its every day candle above $9, in any other case the worth might fail.

Bullish statistics within the chain

Moreover, Web Pc’s (ICP) bullish outlook can be supported by statistics in the chain. Coinglass’s ICP Lengthy/Brief ratio presently stands at +1.019, reflecting bullish market sentiment. Moreover, ICP futures open curiosity has risen 21%, indicating extra futures lengthy positions have been constructed over the previous 24 hours. It’s hanging that this OI has steadily elevated.

In line with the info, a constructive lengthy/brief ratio and rising future open curiosity point out potential shopping for alternatives. Merchants and traders typically take this under consideration when constructing lengthy/brief positions.