ICP’s Bullish Surge Faces Strong Resistance as Momentum Fades

Last Updated:
ICP Market Bullishness Aspires to Rewind Price to 90-Day High
  • ICP’s bullish surge faces resistance at $3.39, signaling a potential reversal.
  • Increasing volatility and fading momentum hint at an ICP price downturn.
  • CMF is close to zero, and weakening TSI highlights waning buying pressure for ICP.

Bullish momentum has prevailed in the Internet Computer (ICP) in the previous 24 hours after support at $3.27 was established. Despite the bullish momentum, the ICP intra-day high of $3.39 remained too strong for buyers to overcome.

ICP traded at $3.32 at press time, slightly retreating from previous highs. This present price level shows that there is still a hurdle to overcome before establishing a prolonged rising trend.

During the bull run, ICP’s market capitalization and 24-hour trading volume increased by 0.43% and 38.26%, respectively, to $1,469,922,257 and $17,775,377. This increase in market valuation and trade volume shows investors are keen on ICP. However, the bull’s failure to break over the $3.39 resistance level signals that selling pressure is coming.

ICP/USD 24-hour price chart (source: CoinMarketCap)

The expansion of Bollinger bands on the ICP 4-hour price chart indicates higher volatility in the ICP market. While the top bar reaches $3.38, the lower band reaches $3.22, indicating the present range in which the price of ICP moves.

Moreover, the price action advance towards the upper band implies bullish momentum. However, failing to break through the resistance level indicates a lack of purchasing demand to maintain further higher movement.

Furthermore, the stochastic RSI trend is below its signal line, with a value of 65.38 moving downwards, indicating that the bullish momentum is fading. This change might result in a price reversal of ICP and a probable downward slide toward the bottom band.

ICP/USD price chart (source: TradingView)

The Chaikin Money Flow rating of 0.01 also suggests a lack of purchasing pressure since it is close to zero. This level adds to the perception that the bullish momentum is fading and that a probable negative movement is on the horizon. If the CMF goes below zero, it indicates significant selling pressure and confirms the impending reversal in the price of ICP.

Furthermore, the True Strength Index, which evaluates the strength of a security’s price movement, displays weakening signals. With a TSI rating of 6.2547, ICP’s positive momentum may be fading.

A lower TSI rating indicates that the rising price movement is losing momentum and that a probable negative trend is on the horizon. This level corresponds to the negative mood suggested by the decreasing CMF, strengthening the potential of an ICP price reversal.

ICP/USD price chart (source: TradingView)

In conclusion, despite initial bullish signs, Internet Computer (ICP) faces strong resistance at $3.39. With fading momentum and key indicators pointing downwards, a potential price reversal looms.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.