Key Insights:
- ICP saw a 3% uptick within the last 24 hours, showcasing a strong V-shaped recovery pattern.
- Significant buying at the $4.98 support level led to volume far exceeding daily averages.
- Following the breakthrough of the $5.11 resistance, ICP touched $5.13, paving the way for potential further gains.
The Internet Computer Protocol (ICP) displayed notable resilience in recent trading, achieving a nearly 3% gain that brought its price to $5.13. This uptick caps a V-shaped recovery that initiated with a drop towards support levels around $4.98, where considerable buying momentum was noted, per CoinDesk Research’s technical analysis model.
After a dip to $5.07, ICP showed consolidation within the $4.98-$5.00 range, forming a stable base further enhanced by a trading volume of 372,179 units, which was significantly above typical levels. This phase of accumulation was critical, leading to escalating buying pressure early on, culminating in a vigorous breakout toward the end of the trading period.
As ICP traversed through several resistance levels to reach $5.13, the final surge was backed by a volume spike of 272,186 units. The previous resistance at approximately $5.11 was surpassed, indicating that sellers were likely losing grip on the short-term trends.
Cryptocurrencies like ICP are increasingly catching attention as alternative asset classes gain popularity. The recovery paired with heavy purchases at support could set up ICP for further advancements, targeting around $5.18 based on Fibonacci extension levels.
Technical Analysis:
- Trading corridor: $4.98 to $5.13, showcasing a 3% range.
- Recovery pattern: V-shaped rebound from the $5.07 drop to $4.98–$5.00 support.
- Volume support: 372,179 units at $4.98, outpacing daily averages.
- Resistance: Initially around $5.11 but ultimately broken during the final surge.
- Breakout: Advancements to $5.13 on a 272,186 unit volume spike.
- Momentum: Signals strong interest and preparation for the $5.18 target.
