Internet Computer

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<p>Internet Computer (ICP) remains above the 10-dollar mark, suggesting the possibility of a continuing bullish trend. Let’s examine the future prospects of ICP’s price together.</p> 
<h2 id="h-situation-of-internet-computer-icp">Situation of Internet Computer (ICP)</h2> 
<p>After reaching a high of $16.28, Internet Computer (ICP) began a correction, finding a low at $9.5. Subsequently, the <a href="https://www.cointribune.com/en/crypto-markets/internet-computer-icp-en/" target="_blank" rel="noreferrer noopener">price of Internet Computer</a> has rebounded more than 55% from this price level, forming an ascending wedge. It is important to note that this pattern is generally considered a sign of a bearish reversal. Recently, ICP reached the $14 level, which was highlighted in our <a href="https://www.cointribune.com/en/internet-computer-icp-en-route-to-a-bullish-rally-crypto-analysis-of-february-7-2024/" target="_blank" rel="noreferrer noopener">analysis of February 7</a>. It is relevant to mention that the price range between $12 and $14 constitutes a significant value zone for ICP, indicating strong investor interest. Furthermore, the area between $5 and $6 also deserves attention for its significance.</p>
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<p>At the time of writing this article, <a href="https://internetcomputer.org/?utm_source=cointribune_article2_EN&amp;utm_medium=article2_EN&amp;utm_campaign=sponsorship_icp_article2_EN" target="_blank" rel="noreferrer noopener">ICP</a> is trading above $13.10. The price has undergone a bearish movement but maintains itself, somewhat precariously, above its 50-day moving average, which can be reassuring to validate the idea that ICP is in a bullish trend. On the oscillators side, they show a gradual recovery since the median threshold, demonstrating a persistent bullish momentum.</p> 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="477" src="https://www.cointribune.com/app/uploads/2024/02/VYCiKqDa-1024x477.png" alt="ICP/USD chart on a daily period" class="wp-image-673597" srcset="https://www.cointribune.com/app/uploads/2024/02/VYCiKqDa-1024x477.png 1024w, https://www.cointribune.com/app/uploads/2024/02/VYCiKqDa-300x140.png 300w, https://www.cointribune.com/app/uploads/2024/02/VYCiKqDa-768x358.png 768w, https://www.cointribune.com/app/uploads/2024/02/VYCiKqDa-1536x716.png 1536w, https://www.cointribune.com/app/uploads/2024/02/VYCiKqDa.png 1835w" sizes="(max-width: 1024px) 100vw, 1024px">
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  ICP/USD chart on a daily period
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<p><em>The current technical analysis was carried out in collaboration with Elie FT, an investor and passionate trader in the cryptocurrency market. Today a trainer at </em><a href="https://www.family-trading.com/" target="_blank" rel="noreferrer noopener"><em>Family Trading</em></a><em>, a community of thousands of proprietary traders active since 2017. Here you will find Livestreams, educational content, and mutual aid around financial markets in a professional and warm atmosphere.</em></p> 
<h2 id="focus-on-the-derivatives-icpusdt">Focus on the derivatives (ICPUSDT)</h2> 
<p>It can be observed that the open interest of the perpetual ICP/USDT contracts has increased in parallel with its price, accompanied by a slightly positive funding rate. This simultaneous increase suggests that traders’ speculative interest is primarily oriented towards buying. However, a recent decrease in these figures can be noted, which implies that sellers are regaining ground. As for liquidations, they are predominantly on the buyers’ side, which, although remaining at moderate levels, could indicate a reduction in buying pressure.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/jPw387OPcj2fsKa0QJ55dyRGlr5lul15URnRz7W0j36tFJb3XB0tA5FNTSK5_dIcpN7pQrIFNeudPdooWO8_DRISQ5OkWk56hhzudbZ7SGh4pj8JICnZ_oL4NDxHVtlkzJJm7_MkvpXosbjezBToYl8" alt="Open interest &amp; liquidations ICP/USDT">
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  Open interest, liquidations &amp; funding rate ICP/USDT
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<p>The liquidation heatmap of Internet Computer over the past three months reveals that ICP has recently reached an area of strong liquidation. Unfortunately, it appears that increased seller interest triggered a negative market response at this level. Currently, the most significant liquidation zone is below the current price, specifically between $10.7 and $12.6. The price’s approach to these levels could trigger a massive firing of orders, thus increasing the possibility of a period of increased volatility on ICP. These zones therefore represent crucial points of interest for investors.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/PFX3fetF8jo9JrijuffcFKvJGzSvbRsdWWboJB84b2R67VBkkPmlT-e7B-AP79jvE3wSwAh8q2mf0c27EIghrxXKY4X_YDUi8aY7sdkXfQwBJgPBDoalI22TTTXg_VVWsU7O8JQ0slcwAhtaX58Sd0c" alt="ICP Liquidation Heatmap (3 months)">
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  ICP Liquidation Heatmap (3 months)
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<h2 id="predictions-for-internet-computer-icp-price">Predictions for Internet Computer (ICP) Price</h2> 
<ul> 
 <li>If the price of Internet Computer maintains above $10, we could anticipate a return to $16. If this level is surpassed, the next bullish target could be the psychological threshold of $20 or even the resistance at $25. At this stage, it would represent an increase of +89%.</li> 
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<ul> 
 <li>If the price of Internet Computer fails to stay above $10, a pullback towards the $9 or even $8 range could be envisaged. In case of a continued downtrend, the next level of support to consider would be around $5. At this stage, it would represent a decrease of -60%.</li> 
</ul>  
<div class="tradingview-widget-container tradingview--mini-chart"> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"COINBASE:ICPUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
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 <div class="tradingview--mini-chart--light"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"COINBASE:ICPUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script> 
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  <a href="https://fr.tradingview.com/symbols/ICPUSD/?exchange=COINBASE" rel="noopener" target="_blank"><span class="text-primary-color">ICPUSD chart</span></a> by TradingView
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<h2 id="conclusion">Conclusion</h2> 
<p>Internet Computer has shown persistent buying interest; however, a short-term correction seems to be on the horizon. Will this correction challenge the bullish structure that ICP is developing? What is certain is that it will be crucial to closely observe the price’s reaction to different key levels to confirm or refute the current hypotheses. It’s also important to remain vigilant about potential “fake outs” and market “squeezes” in each scenario. Lastly, let’s remember that these analyses are based solely on technical criteria, and the price of cryptocurrencies can also rapidly evolve due to other more fundamental factors.</p>

Crypto Analysis: Internet Computer (ICP) is about to achieve a new high?

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