Internet Computer

<a href="https://blockhead.co/tag/internet-computer?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Internet Computer</a>’s ($ICP) upward trend experienced a bearish pullback in the first week of 2024 to dampen the bullish momentum. After a significant breakout about the $11.4 resistance level, <a href="https://blockhead.co/tag/ICP?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">$ICP</a> retraced to the $11 price level within five days.However, bulls displayed their strength at the new support level of $11.4 with a strong 30% price jump over the past 24 hours. This curtailed the bearish retracement and could see $ICP hit the $16 - $18 price zone in the coming days.<h3 id="buyers-are-back-in-the-game">Buyers are back in the game</h3>$ICP buyers were left frustrated after the bearish pullback from the $16 price zone threatened to derail the bullish uptrend. The 29% dip erased almost half of the gains $ICP had made in recent weeks.Nevertheless, the recent bullish resurgence in the market occasioned by Bitcoin ($BTC) hitting $46k sparked an influx of volume into altcoins with $ICP buyers taking maximum advantage. According to <a href="https://coinmarketcap.com/currencies/internet-computer/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Coinmarketcap</a>, $ICP’s trading volume rose by 142% over the past day.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/337f205695b649acb1d96177ae311e58.png" />ICP/USDT Price Chart on TradingView (4H Timeframe)The Relative Strength Index (RSI) highlighted the swift price recovery. The RSI rose from the oversold zone to hit a bullish reading of 54. This hinted at significant buying pressure in the short term.Similarly, the Moving Average Convergence Divergence (MACD) indicator posted a bullish crossover along with green histogram bars. This signalled buyers gaining the ascendency in the short term.Traders looking to get in on the price reversal can wait for $ICP to make a higher low on the four-hour timeframe at the $12 - $12.5 price zone. This would provide a good entry to ride the bullish wave up to $16, possibly registering over 20% in profits.Overall, the price bounce back for $ICP buyers could lead to an extension of the coin’s bullish streak.$ICP Short-term target - $16$ICP Long-term target - $20 Subscribe to Blockhead&#39;s daily newsletter for <a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">FREE </a>and stay in the loop on digital assets. Follow our <a href="https://twitter.com/blockhead_co" rel="noopener noreferrer nofollow">X</a> and <a href="https://t.me/blockhead_co" rel="noopener noreferrer nofollow">Telegram </a>for our latest updates too!

Internet Computer ($ICP) Halts Recent Price Dip with 30% Pump

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