Internet Computer

Bitcoin ETF

Vortex

Spot

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/fivIZRwT-e1704742074442.png" class="attachment-full size-full wp-post-image" alt="internet computer price" decoding="async" style="float:right; margin:0 0 10px 10px;">
The <a href="https://coingape.com/price/internet-computer-icp/">Internet Computer (ICP) price</a> recently experienced a notable pullback, dropping from a high of $16.3 to a low of $10.3, a 36.6% decline. This decrease coincided with low transaction volumes, suggesting it might be a short-term correction rather than a long-term trend reversal. Currently, the ICP price is testing the support level of a previously breached ‘cup and handle’ pattern, which could indicate an opportune moment for traders to enter the market. 
<h2 id="b-is-icp-price-heading-to-15-b">Is ICP Price Heading to $15?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A bullish reversal from the $11 mark with an engulfing candle signals an uptrend continuation.</li> 
 <li style="font-weight: 400;" aria-level="1">The ICP price above daily EMAs(20, 50, 100, and 200) indicate an aggressive uptrend</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in ICP is $10.2 Billion, indicating a 78% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/f/fivIZRwT.png" alt="Internet Computer Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Internet Computer Price| TradingView Chart
 </figcaption>
</figure> 
On the daily time frame chart, the <a href="https://coingape.com/internet-computer-protocol-grabs-limelight-with-222-icp-price-rally/">Internet Computer coin</a> displays a bullish reversal ‘Cup-and-Handle’ formation that has been developing over the last 18 months. This pattern is a crucial indicator for market accumulation, potentially signaling a major shift in trend direction.&nbsp; 
The recovery trend, which began in mid-October, saw the coin’s price escalate dramatically from $2.9 to $16.3, marking a 457% increase. This surge resulted in a decisive breakout from the neckline resistance of the pattern on December 30th, suggesting the coin is moving out of a prolonged accumulation phase and could be primed for a significant breakout. 
<blockquote>
 Last week’s pullback to the $11 level appears to be a retest of the breached neckline, now serving as a support level. The subsequent 15% increase in price today indicates active accumulation by buyers at these lower levels, reinforcing the likelihood of a sustained uptrend.&nbsp;
</blockquote> 
If the ‘Cup-and-Handle’ pattern continues to hold, there’s potential for the ICP price to increase by an additional 56%, possibly reaching the key psychological threshold of $20. 
<h2 id="b-volume-tells-tale-of-sustainable-recovery-b">Volume Tells Tale of Sustainable Recovery</h2> 
In a recent X(formerly Twitter) post, the renowned trader <a rel="nofollow" href="https://x.com/Upticken/status/1744413383779033507?s=20">Jim Roppel</a> highlighted an interesting volume-price action relationship in ICP price. He mentioned the asset with super low volume during the pullback, while a significant surge in trading during the rise as happened today with an intraday gain of 20% 
This pattern indicates the traders are less interested in trading this asset for short selling, and more focused and confident in long entry opportunities. 
<ul> 
 <li aria-level="1">Exponential Moving Average: The 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> provides suitable pullback support for buyers.</li> 
 <li aria-level="1">Vortex Indicator: A bullish crossover state between the VI+ and VI0 slope reflects a recovery trend in active.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/markets/will-bitcoin-btc-price-surpass-55000-next-week/">Is Bitcoin (BTC) Price Poised to Break $55,000 with Spot ETF Nod?</a></li> 
 <li><a href="https://coingape.com/countdown-to-spot-bitcoin-etf-approval-begins-as-critical-fed-decision-nears/">Countdown To Spot Bitcoin ETF Approval Begins As Critical Fed Decision Nears</a></li> 
 <li><a href="https://coingape.com/btc-price-prediction-as-bitcoin-halving-100-day-countdown/">BTC Price Prediction As Bitcoin Halving 100 Day Countdown Begins</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/will-internet-computer-price-hit-20-chart-pattern-provide-insight/">Will Internet Computer Price Hit $20? Chart Pattern Provides Insight</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Internet Computer Price Hit $20? Chart Pattern Provides Insight

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