On September 11, 2024, Internet Computer (ICP) made waves in the cryptocurrency market with its impressive price trend. However, based on its chart and price action, it seems that ICP is just one step away from a potential 25% rally.
Internet Computer (ICP) Price Performance
At the time of going to press, ICP is trading around the $8.8 level and has experienced a price increase of more than 15% in the past 24 hours. Meanwhile, its trading volume has increased by 60% in the same period, indicating higher participation from investors and traders amid the ongoing price recovery.
ICP Technical Analysis and Upcoming Levels
According to expert technical analysis, Internet Computer (ICP) seems bullish despite trading below the 200 Exponential Moving Average (EMA) on the daily time frame. Currently, ICP is facing strong resistance near the $8.9 level.
This is the second time since early August 2024 that the ICP price has reached that resistance level. The last time ICP reached that level, it experienced significant selling pressure, resulting in a steep price drop of almost 20%.
However, this time the participation of traders and investors is different and the sentiment has shifted, which makes it more likely that ICP can break this resistance level. If ICP breaks this resistance level and closes a daily candle above $9, there is a high chance that it can rise by 25% and reach the $11 level in the coming days.
This bullish thesis is only valid if ICP price closes its daily candle above $9, otherwise it is likely to fail.
Bullish On-Chain Metrics
Furthermore, Internet Computer’s (ICP) bullish outlook is also supported by on-chain metrics. Coinglass’s ICP Long/Short ratio is currently at +1.019, reflecting bullish market sentiment. Furthermore, ICP’s futures open interest has increased by 21%, indicating that more futures long positions have been built over the past 24 hours. Notably, this OI has been steadily increasing.
According to the data, a positive long/short ratio and rising future open interest signal potential buying opportunities. Traders and investors often take advantage of this when building long/short positions.
