A burst of positive news was at the heart of ICP’s recent price surge. This includes Binance’s decision to list a financial instrument on January the 4th that would allow traders to directly swap ICP to/from Ethereum’s native token Ether (ETH), as well as the Dec. 22 launch of Terabethia, a cross-blockchain bridge that allows Ethereum’s ERC-20 tokens to existing natively on the Internet Computer blockchain.
Furthermore, a spike in smart contract platform tokens, particularly in the previous seven days, may have increased traders’ desire for ICP. The market is in correction after a rally of around $37 and is at $29.35 at the time of writing.
Key Takeaways (ICPUSD)
- The general trend for Internet computing currencies remains negative. However, the market received considerable demand at the $21.31 level, suggesting a new rebound rise. The price is gradually retracing to retest the $32 flipped support. If this level is maintained, the coin will continue to rise.
- The Internet computer currency failed to stay above the $39.5 support during the fourth quarter of 2021. However, on Dec. 3, the bears eventually broke through critical support, resulting in a lengthy market fall.
- The coin price dropped by more than 43% from the breakdown point to $21.31. This bargain pricing piqued the curiosity of crypto investors, resulting in a sharp price rebound.
Price Analysis of ICPUSD
Fear & Greed Index: 15, Extreme Fear
All-time High: $750.73
ROI: Data Not Available
7d change: 20.75%
Market Cap: $5,628,305,030
Circulation Supply: 191,882,331 ICP
Total Supply: 476,026,042 ICP
Daily Chart Breakdown of ICPUSD
The ICP price is currently hovering below the descending trendline that was trusted a few times, but ICP didn’t manage to close a daily bar above it. The recovery from the slumps in the past 3 weeks shows significant potential in the ICP market, but we need to see if investors can push ICP above the trendline or not. The recent ICP rally was promising, however, Bitcoin dragged the whole market down with it.
If BTC finds support and stops moving down, ICP could be one of the altcoins that would make significant gains.
4h Chart Breakdown of ICPUSD
The ICP has flipped the resistance of $29 and now testing it for further rally. We might see a rally towards $35-$39 if the bulls can sustain their presence. The horizontal resistance at $39 is the key. If ICP can break above it and close a daily bar in that zone, we could see a further surge toward $40 and beyond.
1 Hour Chart Breakdown of ICPUSD
The ICP price is at a very crucial level of $29. A break and a close below $29 will push the market towards $25. However, with the bullish momentum building, we might see a further rally towards $35 and beyond that.
2021 has been a difficult year for Internet Computers (ICP), but the investors of the network are hopeful for a better 2022.
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