According to analysis from crypto trader My Crypto Paradise, blockchain project Internet Computer (ICP) has staged a significant technical breakout that could foreshadow continued upside momentum.
ICP recently broke out of a bullish pennant pattern on its way to testing the next resistance zone, leading My Crypto Paradise to highlight the constructive price action:
“ICPUSDT has experienced significant developments in the market. Currently, ICP has broken out of the bullish pennant pattern, which is a bullish continuation pattern.”
The pennant breakout helps confirm ICP’s developing uptrend in the short term. Moreover, clearing subsequent supply areas opens up a pathway for ICP to reach further upside targets without significant barriers.
However, the analysts caution that holding key demand and support areas on any pullbacks remains critical to maintaining bullish momentum. Failing to hold support could lead to a deeper correction and testing of downside areas.
So in essence, ICP appears to be in the early stages of a new sustained upside move after consolidating and basing within its bull pennant. The breakout signals traders have become emboldened with upside conviction returning. Still, crucially, maintaining newly established support zones will determine if the rally has true legs or remains vulnerable to fizzling out quickly.
As long as ICP keeps finding bids above support, the technical landscape remains promising for continued progression towards recovery highs and upside targets. However, expect volatility amidst the tentative backdrop as analysts debate whether a definitive trend change is unfolding across crypto markets in 2024.
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