Can you crack the $10 barrier?
Hold on to your hats, folks! ICP price is on a wild ride, and is retesting last month's all-time high of $10. This is no ordinary step – it is a huge obstacle that can make or break the bull. It grew to $158.24 million with a 25% trading volume in just 24 hours. The joy is palpable.
The Internet computing token is recovering from a 52-week low of $6, having risen more than 60% in two weeks. Now, it's looking at its next big challenge: the $10 mark, just inside the 200-day EMA zone.
Battle for $10: Bulls Vs. Bears
Buyers have been snapping up the Internet Computer Token at rock-bottom prices, but now they're facing a strong showing at $10. Short-term indicators suggest that a moderate dip may be around the corner, suggesting a possible reversal. However, the token holds strongly above the 20-day and 50-day EMAs, indicating underlying strength. But beware—the 200-day EMA is a tough barrier, and the bears are turning, poised to hit around the $10 mark.
Currently, ICP is trading at $9.660, showing a moderate internal increase of 1.36%, indicating a neutral position on the charts. With a monthly return of 10.20% and an impressive annualized return of 140.20%, ICP is definitely on the way up. The ICP / BTC pair stands at 0.000153 BTC, and the market value is 4.65 billion dollars. Analysts are playing it cool, suggesting that ICP could gather steam if it closes above the $12 mark. With a total supply of 521.20 million, it ranked 26th in the market, with an ICP to market size ratio of 0.0326.
Can ICP overcome the 200-day EMA?
Despite breaking the downtrend line at $9, ICP is still struggling to break the $10 zone where the 100-day and 200-day EMAs have settled. Until it clears this critical level, higher resistances may block its path, leading to potential price consolidation.
The RSI curve has hit the overbought zone, indicating a possible dip. But don't count out the ICP just yet—the trend reversal is still underway, and a new high has been spotted. Metrics on the chain paint a rosy picture, up 4% in sentiment and 3% in social dominance, indicating a comfortable defeat.
Total liquidations show long positions at $284k and shorts at $10k, indicating that investors are eager to lock in their profits, potentially changing market dynamics. ICP's immediate support levels are $9.20 and $8.80, with key upside barriers at $10.20 and $11.80.
Will ICP continue its efforts?
ICP rose above the 20-day and 50-day EMAs, reaching the all-important 200-day EMA. Short-term indicators are flashing a positive crossover, suggesting a trend reversal. If ICP manages to break through the $10 barrier, a large short-covering rally could move it towards $12, setting the stage for an interesting run.
It is expected to be electric. Will the bulls prevail and push ICP to new heights, or will the bears dominate? Investors are on the edge of their seats watching ICP approach this critical period.
