Bullish Momentum Propels ICP Prices Toward $4 Level

Internet Computer coin price analysis indicates the token is trading in a horizontal range between $3.8 and $4.08. ICP coin is trading at $3.98 after hitting an intra-day high of $4.07

The overall market sentiments are bullish as the ICP price has sustained the $3.5 level for several days now. Internet Computer has been fluctuating between the $3.8 and $4 level in recent trading sessions.

ICP’s price analysis suggests that a break of resistance at the current levels will confirm an uptrend, opening up for further gains in the near term. Given the strong support at $3.5, investors may use this as an entry point for further buying. On the downside, ICP price needs to stay above $3.8 for bullish momentum to continue. If the coin breaches this level, it may create a bearish trend that could push prices lower in the near term.

ICP trades above 100 SMA on the daily chart, suggesting a continuation of the bullish momentum. Furthermore, the coin is trading above its 200 SMA, which suggests that investors remain confident about further gains in the near term. The Relative Strength Index (RSI) is currently at 58%, indicating that there are no overbought or oversold conditions.

The Fib retracement levels suggest that bulls may face some resistance between $3.9 and $4.0, which could stall further gains in the near term. This represents a crucial level of support and resistance, as a break above this could confirm an uptrend.

Furthermore, the increasing volume is also a positive sign as it indicates a growing interest in ICP by traders. If bulls can sustain their momentum, the coin may target to reach new highs near $4.5 in the near term.

The 4-hour chart for ICP price analysis shows the bulls are gathering strength with each passing day. The RSI is currently at 64%, indicating a high level of buying pressure in the market. Furthermore, ICP has crossed above its 50 SMA and 200 SMA, suggesting an uptrend in the near term.

ICP price chart: TradingView

The Fibonacci extension levels suggest that bulls may face resistance between $4.1 and $4.2, which could stall further gains in the near term. However, if bulls can sustain their momentum, then they may target new highs near $4.5 in the coming days. In conclusion, ICP price analysis suggests that bullish momentum is currently driving prices higher, and investors should be aware of these key support and resistance levels for further gains.

Overall, ICP is well-positioned for further gains in the near term, and investors may use this as an opportunity to enter the market at current levels. Bulls need to break above the $4.0 level of resistance to sustain their momentum and reach new highs. On the downside, a breach below $3.8 could indicate a bearish trend and push prices lower in the near term. Investors need to keep an eye on these critical levels for further price movements in the ICP coin.

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

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