Internet Computer Price To Tag $17 On 77% Bitcoin-Driven Rally

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As an experienced financial analyst with a background in blockchain technology and cryptocurrencies, I have closely monitored the recent developments in the digital asset market. The Bitcoin-led rally we witnessed on Friday was particularly noteworthy, with altcoins like Ethereum, Solana, and XRP also experiencing significant gains. Among these, Internet Computer (ICP) stood out for me due to its impressive performance.

The price of Internet Computer experienced significant growth during Friday’s Bitcoin surge, surpassing the $10 threshold. Following a minor pullback in Bitcoin’s price, the support level at $64,000 facilitated further purchasing, leading to a noticeable increase above the $66,000 threshold.

During the US trading hours, altcoins showed signs of life. Ethereum approached $3,500, Ethereum’s price was nearing this figure. Solana surged to $170, and XRP regained $0.56 in anticipation of a potential leap beyond this value.

The Internet Computer’s native token, ICP, surpassed the significant threshold of $10 following a 4% growth, as it continues its mission to challenge cloud computing industry leaders with a decentralized solution.

This protocol employs blockchain technology to build a decentralized network of computers capable of hosting websites and applications. The objective is to deliver swifter performance and reduced expenses.

Internet Computer Price Poised For 77% Wedge Breakout

Following its successful defense of the $6 mark, ICP experienced a notable bounce back, piquing the interest of traders who had previously endorsed the upward trend this week. The daily chart revealed a developing falling wedge formation for Internet Computer, suggesting significant potential for further growth.

When two downward sloping trendlines converge and the price decreases within this forming pattern, it’s referred to as a falling wedge. Traders closely monitor this formation, hoping for an opportunity to enter a buy position once the price rises above the wedge. The expectation is that the downward trend will be reversed.

When the volume decreases prior to a wedge formation, it may indicate that buyers are exerting increasing pressure, potentially leading to a breakout. Following this breakout, trading activity tends to surge.

Traders anticipate a significant jump in ICP’s price, aiming for a breakthrough point of approximately $17. This target represents an increase of around 77%, equivalent to the pattern’s height.

Internet Computer Price To Tag $17 On 77% Bitcoin-Driven Rally

After the price surge, the Internet Computer’s value reached $10.54. However, the upward trend started to lose steam once it hit the 200-day Exponential Moving Average (EMA).

At present, ICP is situated between the $9.25 support provided by the 50-day Exponential Moving Average (EMA) and the $10.59 resistance offered by the 200-day EMA. Traders will keep an eye on the next break of this resistance level before considering further investments.

The Internet Computer’s price rally toward the $17 mark might be reinforced by a buy signal from the Moving Average Convergence Divergence (MACD) indicator, adding impetus to the wedge breakout.

When a shorter moving average clearly surpasses a longer moving average, forming a golden cross, it adds strength to the bullish trend.

A golden cross could indicate a shift from declining to rising prices. Traders may choose to purchase assets following this occurrence, hoping to benefit from the predicted price rise. This technical analysis pattern typically represents a bullish stance with a potential longer-term upward trend.

If the ICP (Indicator of Consumer Prices) shuts down just prior to hitting the $10 pivotal point, the uptrend towards $17 might pause, creating an opportunity for buyers to re-enter the market before the next significant surge. In this scenario, the support levels at $8 and $6 would be useful in mitigating the effects of the correction.

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2024-07-19 21:09