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The Internet Computer price surged over 9% to trade at $14.48 at press time.
The Internet Computer Price Breaks Resistance
4-hour chart for ICP/USDT (Source: TradingView)
In recent trading sessions, the Internet Computer price has shown a notable uptrend on the 4-hour chart, as indicated by a series of higher closing prices, culminating at $14.459. The bullish momentum is further supported by both the 9 and 20 Exponential Moving Averages (EMAs). The 9 EMA has progressively risen from $12.904 to $13.710, while the 20 EMA climbed from $12.667 to $13.189, consistently staying below the 9 EMA, suggesting a bullish crossover and reinforcing the uptrend.
The Moving Average Convergence Divergence (MACD) values underline the increasing bullish sentiment. The MACD line has moved from 0.0639 to 0.3802, consistently above the signal line over the period, which turned positive. The histogram values, representing the difference between the MACD and its signal line, have also remained positive and are widening, indicative of strengthening bullish momentum.
The Relative Strength Index (RSI), a measure of asset momentum relative to recent price changes, has remained above the midpoint 50 level, moving from 60.37 to 67.52. This suggests that the asset is neither overbought nor oversold, but is trending towards stronger buying pressure.
Key Levels to Watch
Looking ahead, the immediate resistance to watch is at $14.605, followed by $14.727. A decisive break above these levels could pave the way for a move towards the $15.035 resistance. On the downside, support is found at $14.263 and $14.118, with a further safety net at $13.990. These levels should serve as critical zones where traders might consider entry or exit points.
For traders considering a long position, a potential entry point could be upon a successful retest of the $14.263 support or a breakout above the $14.605 resistance. An exit strategy could be planned around the next resistance levels, or upon any reversal signal near these zones.
Conversely, traders looking for short opportunities might wait for signs of price rejection near the mentioned resistance levels or a breakdown below the support levels. An exit strategy for shorts would be advisable on a clear rebound from lower support levels or before hitting the $13.990 support.
The current technical indicators suggest a bullish outlook for ICP/USDT, with potential for further gains if it successfully breaches and holds above the current resistance levels. However, traders should remain vigilant and consider both technical signals and market conditions when planning their trades.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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