World

Internet Computer

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Resistance

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<p>The price of the Internet Computer (ICP) has seen bullish price action today, spiking over 8% to $13.6 before retracing back to $12.7. What’s driving this momentum?</p> 
<p>According to <a href="https://twitter.com/WorldOfCharts1/status/1753682059296469462?t=u-nPpSGKJAbyfZZzCv9LGw&amp;s=19" target="_blank" rel="nofollow">crypto analyst World Of Charts,</a> it comes down to ICP’s “Bullish Pennant Breakout” over the key $12.6 level. As he explains enthusiastically on Twitter: “$Icp Bullish Pennant Breakout Has Already Confirmed Expecting Another 45-50% Bullish Rally In Coming Days.”</p> 
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 <img loading="lazy" decoding="async" width="1024" height="580" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-1024x580.png" alt="" class="wp-image-432014" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-1024x580.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-300x170.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-768x435.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-1536x870.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-2048x1160.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-265x150.png 265w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-100x57.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-618x350.png 618w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-121-788x446.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-121.png 1919w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
<p>Indeed, technical traders will be closely watching to see if ICP can successfully retest support around $12.6. If so, World Of Charts sees scope for ICP continuing upwards to target 45% higher prices.</p> 
<p><strong>Scarcity Trends Adding Fuel</strong></p> 
<p>Beyond technical factors, improving on-chain scarcity trends could also be contributing to building ICP strength.</p> 
<p>As <a href="https://twitter.com/ThaBiazzi/status/1751350750901321971" target="_blank" rel="nofollow">crypto analyst ThaBiazzi</a> points out, the amount of ICP on exchanges has dropped to around 13 million, falling quickly as investors withdraw tokens to cold storage or staking wallets.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="754" height="1024" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-754x1024.png" alt="" class="wp-image-432022" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-754x1024.png 754w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-221x300.png 221w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-768x1042.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-1132x1536.png 1132w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-1509x2048.png 1509w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-111x150.png 111w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-100x136.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-258x350.png 258w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-122-788x1069.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-122.png 884w" sizes="(max-width: 754px) 100vw, 754px">
</figure> 
<p>As ThaBiazzi concludes based on this activity: “#ICP is becoming VERY scarce” which is bullish for prices ahead.</p> 
<p>With technicals and on-chain data aligning, analysts are growing confident on further upside for the Internet Computer. A successful retest of $12.6 support could see ICP test its next resistance around $20.</p> 
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<p>The post <a href="https://captainaltcoin.com/why-is-internet-computer-icp-price-up-analyst-reveals-targets-after-crucial-breakout/">Why Is Internet Computer (ICP) Price Up? Analyst Reveals Targets After Crucial Breakout</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why Is Internet Computer (ICP) Price Up? Analyst Reveals Targets After Crucial Breakout

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