Over the past few days, the Artificial Intelligence (AI) category has shown strong bullish price movement. Moreover, top tokens have broken through key resistance levels, which indicates growing buying pressure for these altcoins in the cryptocurrency market.
However, ICP price has been trading within the consolidation range of $6.625 to $8.825 for about two months now, which has led to constant questions like “Will ICP price rise again?” and “Is ICP price going up?”
Scroll down to see the Internet Computer (ICP) cryptocurrency price analysis and possible targets.
ICP Price Records Consolidation Price Action
Internet Computer has formed a descending triangle pattern on the 1D timeframe and has been trading within the pattern since mid-June. Moreover, the altcoin has repeatedly failed to break above the resistance trendline, suggesting that buying pressure is waning.
After recording a 15.24% correction over the past month, ICP Coin price has risen by 1.36% over the past day with a trading volume of $75.074 million. Furthermore, a 2.01% increase over the past week has seen the crypto token grab the 23rd spot with a market capitalization of $3.76 billion.
Internet Computer Market Sentiments
The technical indicator RSI is indicating a strong bullish reversal below the midpoint. Moreover, the average trend lines are recording a bullish convergence on the 1D timeframe. This highlights the increasing price volatility of altcoins in the market.
However, the MACD is recording a sustained decline in the green histogram, with the average trending somewhat flat, indicating mixed sentiment towards altcoins this week.
Will ICP prices rise again?
Assuming that the bulls regain momentum, in that case, the Internet Computer price will retest the resistance level at $8.825. If the price sustains at that level, the crypto token will be primed to move towards the upper resistance level at $11.30 in the coming weeks.
Conversely, if the bears continue to control the cryptocurrency market, ICP Coin price will likely plummet towards the key support trendline at $6.625 in the coming days.
Also see Helium (HNT) Price Forecast 2024-2030.
