Having risen 13.86% in the last 24 hours, ICP has secured its place as the day's top gainer among the top 100 cryptocurrencies by market cap.
The sudden influx of funds into the project is believed to be the main reason for the recent surge. Internet Computer reportedly recorded a 24-hour trading volume of $197.367 million, up 216.56% from Monday.
In this regard, investors are interested in the future price forecast of the artificial intelligence (AI) token. Planning to invest in this crypto project? Scroll down to learn about the market sentiment and possible price action of the Internet Computer (ICP) crypto token.
ICP price failed to break important resistance line
With the ongoing recovery of the cross-border financial system, the price of Internet Computer has risen by about 20% in the last week, thus successfully retesting its critical support level.
The altcoin is currently hovering around its price trend resistance line and is on the verge of testing it. However, the outcome is uncertain.
The 50-day EMA has experienced a bullish crossover on the ICP price chart, indicating an increase in buying pressure in the crypto market. On the other hand, the 200-day is acting as a resistance on the price chart. This indicates mixed sentiments towards the AI token in the market.
Next, the RSI indicator, after registering a sideways trend for some time, experienced a sharp increase towards the overbought range. On the other hand, it registered a bearish reversal with an ongoing correction. This indicates that the price action is strengthening.
Will Internet Computer Prices Rise Again?
A bullish breakout of the triangle trend resistance line could see ICP price test its $11 resistance level soon. Also, if bulls continue to dominate the market, it could be poised to test its $14 upper resistance level soon.
Conversely, a bearish reversal could pull the Internet Computer cryptocurrency price towards its important support level of $6,625.
Read also, Internet Computer Price Forecast 2024 – 2030!