• ICP forms a descending triangle pattern, signaling a potential bullish breakout toward higher price levels.
• Smart money positioning early, hinting at accumulation before a potential sharp rally.
• Key resistance targets are identified at $4.87, $6.16, $7.50, $9.55, and $12.30 if momentum strengthens.

Internet Computer (ICP) is experiencing a surge in its price, mirroring the overall market, which turned from bearish to bullish. The token is currently trading inside a descending triangle pattern, which is often associated with a strong reversal.

At the time of writing, ICP is trading at $4.37 with a market capitalization of $2.35 billion. The ICP price surged by 6.44% over the last 24 hours but showed stability over the last week. Its trading volume also increased 8.95% to $84.97 million.

Source: CoinMarketCap

ICP Descending Channel Signals Path Toward $12.30

The crypto analyst, Jonathan Carter, revealed that Internet Computer (ICP) is coiling within a bearish descending channel on the 2D graph, a pattern frequently presaging a breakout move. Traders’ eyes are on objectives at $4.87, $6.16, $7.50, $9.55, and $12.30 if resistance yields. The compression portends momentum is secretly accumulating before a definitive change of direction by the price action.

Source: X

Market analysts comment that smart money seems to be positioning early while retail remains dormant. The accumulative stage might pave the way to a sharp rally once sentiment shifts. If true, that breakout of ICP can denote the culmination of consolidation and a new bullish trend of the project.

Also Read: Year-End Dips: Bitcoin Retreats To $41.6K, ETH Struggles, But ICP Defies Odds

ICP Technical Analysis Points to Weak Momentum

The weekly ICP chart shows that the price is positioned close to the lower Bollinger Band at $4.19. The middle band (20 SMA) stands at $5.11, while the upper band is near $6.03. The narrowing bands highlight reduced volatility and a possible buildup for a decisive breakout.

Source: TradingView

The RSI at 39.78 indicates weak buying momentum, leaning slightly toward oversold territory. The MACD still shows bearish pressure, with the MACD line below the signal line, although the histogram is turning slightly positive. Overall, ICP remains in consolidation, with $5.11 as resistance and $4.19 as a key support level.

ICP Sentiment Shows Strong Investor Confidence

According to the data from CoinMarketCap, the sentiment of the community registers a resounding and overwhelming majority of optimism, with 83% voting bullish and just 17% voting bearish. Such a deployment, based on a solid base of 98K total votes, signifies large-scale faith in probable upward movement of the market.

Overall, sentiment registered an overwhelming and extremely positive stance, with vast majorities of participants optimistic for further gains with growth. In spite of a tiny but significant careful minority, overall sentiment is dramatically skewed to a very bullish outlook of the markets.

Also Read: ICP Price Forecast: Bullish ABC Pattern Targets $54 Amid Rising Momentum