Why is Internet Computing (ICP) worth it today?
Jumping by 13.86% in the last 24 hours, ICP's price has taken the top 100 cryptocurrencies by market capitalization position for the day.
The main reason for the recent jump is believed to be the sudden influx of cash into the project. The Internet computer recorded a 24-hour trading volume of $197.367 million, a jump of 216.56% compared to Monday.
Hence, investors are curious about the future price prediction of this artificial intelligence (AI) token. Are you planning to invest in this crypto project? Scroll down for Internet Computer (ICP) crypto token market sentiment and price action.
The price of ICP failed to break the important resistance trend line
Amid continued recovery in the cross-border financial system, internet computing prices rose ~20% last week. With this, the altcoin successfully retested the critical support level.
Currently, the altcoin is approaching the resistance trend of the price trend and is about to be tested. However, the outcome of this is not certain.
The 50-day EMA has experienced a significant crossover on the ICP price chart, indicating increased buying pressure in the crypto market. On the upside, the 200-day serves as resistance for the price chart. This shows mixed sentiment for the AI token in the market.
Additionally, the RSI indicator, after recording a sideways trend for some time, has shown a sharp rise into overbought territory. On the other hand, a bearish reversal has been recorded with an ongoing correction. This indicates a price increase.
Will the price of internet computers go back?
A breakout from the resistance trend of the triangle pattern may cause the ICP price to test the $11 resistance level soon. Moreover, if the bulls continue to dominate the market, it may be ready to test the high resistance level of $14 in the coming period.
On the contrary, a bearish reversal could take the cryptocurrency to its critical support level of $6.625.
Also Read, Internet Computing Price Forecast 2024 – 2030!
