As a seasoned researcher with a decade-long experience in the financial markets, I’ve seen my fair share of bull and bear markets. The recent turbulence in the crypto market, marked by Bitcoin’s plunge below $60,000, was particularly grueling for many investors, myself included.
The Internet Computer has been leading the way among cryptocurrencies with a robust gain of over 10% within the last 24 hours, reaching a price point of $10 on Monday. This bullish trend is driven by substantial trading activity and an expanding market value.
After several harrowing weeks marked by substantial losses, investors are letting out a collective sigh of relief. The value of Bitcoin plummeted below $60,000 and continued to slide down to $56,000 due to intense selling pressure instigated by the German government’s sale of the cryptocurrency.
The bankruptcy trustee for Mt. Gox has begun dispersing Bitcoin and Bitcoin Cash payouts to the exchange’s indebted clients, thereby intensifying the market’s downward trend.
Despite the recent indication from June’s Consumer Price Index (CPI) data that American inflation is decreasing and the Federal Reserve is getting closer to its 2% goal, investors remain optimistic about a rate reduction based on the data’s confirmation of their expectations.
Internet Computer Price Wedge Pattern Breakout
ICP reached a peak over $20 in April, but then followed a descending path between two constricting trendlines. The bottom trendline acted as a foundation, preventing bearish pressures from overwhelming, while the top trendline set a ceiling for any potential rises.
The price of Internet Computer kept plummeting until it hit a bottom at $6, whereupon buyers stepped in to halt the decline. Subsequently, there was a recovery to $10, which aligned with the broader market uptrend that had set in over the weekend.
As a crypto investor, I’m keeping a close eye on ICP’s price action. The formation of a falling wedge pattern is an encouraging sign, indicating that a larger price breakout may be imminent. Currently, ICP hovers above several significant levels, including the 20-day Exponential Moving Average (EMA), the 50-day EMA, and most notably, the upper boundary of the wedge pattern itself.
Traders looking at the daily chart may choose to submit buy orders above the 50-day moving average or the upper trendline. The significant jump of 4% in trading volume to reach $130 million, coupled with a robust market capitalization growth of 12% to hit $4.4 billion, adds weight to the optimistic outlook for this asset.
Technical Indicators Rally Behind ICP Bulls
A drop shape formation on the graph, called a falling wedge, could lead to a price jump of approximately 56%, reaching around $20. This price increase signifies the pattern’s maximum extent as depicted in the chart.
As a crypto investor, I’m excited about the surge in trading activity in the market. But what really strengthens my belief in an uptrend is the buy signal from the Moving Average Convergence Divergence (MACD) indicator. This technical analysis tool has proven to be a reliable friend in confirming bullish momentum.
If the MACD line moves above the zero line and is accompanied by larger, green histograms, it’s a potential sign that the Internet Computer’s price is set to pick up speed and approach its predicted peak of $20.
With a Relative Strength Index (RSI) rebounding above the 63 mark, the market trend is indicating a robust upward trajectory. A successful day close above the $10 threshold would significantly reinforce the bulls’ dominance.
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2024-07-15 21:28