Crypto analyst Seth (@seth_fin) shared with his X (formerly Twitter) followers that ICP is one of the few altcoins in the green today, hinting at the potential for a significant upward movement.
Internet Computer (ICP) has shown resilience amidst a bearish market, standing out as one of the top 3 gainers today when most altcoins struggled
The chart analysis revealed key technical insights, suggesting that ICP’s price could be on the verge of breaking through critical resistance, leading to a possible price surge.
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What you'll learn 👉
ICP Chart Analysis: Steady Uptrend with Higher Lows
Since mid-June, ICP’s price has gradually shifted from a downtrend into a steady upward pattern. The chart highlights a consistent formation of higher lows, suggesting that buyers are stepping in at increasing levels of support. This trend began after a prolonged decline from April, followed by consolidation. The slow yet consistent rise indicates an underlying bullish sentiment.
Seth’s tweet aligns with this observation, as he noted ICP’s relative strength, labeling it as “one of the few altcoins today that is green.” This showcases that, despite broader market pressures, ICP is displaying resilience, a sign of potential price momentum soon.
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Show more +Support and Resistance Levels in Focus
A key feature of ICP’s chart is the rising support line that has been forming since June. This line has successfully connected multiple higher lows, demonstrating a consistent zone where buyers are stepping in. As long as the price holds above this trend line, the likelihood of bullish continuity remains intact.
However, a crucial resistance zone around $11.50 to $12.00 has halted previous upward movements. The price has faced multiple rejections at this level, indicating that it is a significant barrier. A breakout above this resistance could lead to stronger bullish momentum and possibly drive the price higher.
The analysis also shows three moving averages (MAs) on the chart, which seem to be converging. These MAs (likely 20, 50, and 100-day) indicate short-term bearish pressure. Recently, there was a bearish crossover, but the convergence of these lines suggests a shift may be imminent. If ICP’s price can push above these MAs, it could trigger a more sustained upward trend.
Further supporting this is the Moving Average Convergence Divergence (MACD) indicator. The chart reveals that bearish momentum is waning, as evidenced by shrinking red histograms. With the MACD and signal lines nearing a crossover, there is a possibility of a bullish shift, aligning with the optimistic outlook hinted at by the tweet.
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ICP Price Possible Breakout Scenario
The chart analysis concludes that ICP is showing a mixed but promising scenario. For bullish momentum to solidify, ICP needs to maintain its position above the rising support line and make a decisive break above the $11.50 – $12.00 resistance range. A successful breach of this level could validate the upward trend, setting the stage for a stronger rally.
Furthermore, Seth adds weight to this perspective, suggesting that the current setup might be the prelude to a significant price move. Should the indicators align with market dynamics, ICP could see a breakout, making it a key altcoin to watch in the coming days.
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