• Internet Computer (ICP) price rises 1.19% in 24 hours, showing bullish momentum as market activity picks up.
• The technical chart reveals a falling wedge pattern, often a precursor to a major bullish reversal or breakout rally.
• Analysts predict a potential rally toward $11.50, with resistance levels at $4.20, $6.30, $7.80, and $9.50.

ICP maintains strong investor confidence, with 83% of the community expressing a bullish outlook despite recent weakness. Technical indicators show the token trading below major EMAs, signaling ongoing bearish pressure and cautious market sentiment.

At the time of writing, ICP is trading at $3.11, with a 24-hour trading volume of $48.49 million, reflecting a 17.39% decrease from the previous day. Its market capitalization stands at approximately $1.68 billion, underscoring steady investor confidence despite fluctuations in trading activity.

Source: CoinMarketCap

ICP Investor Confidence Soars with 83% Bullish Sentiment

According to the data from CoinMarketCap, the community sentiment indicates a strong bullish outlook, with 83% of participants expressing optimism. This suggests that the majority expect the asset or market to rise in value. The sentiment reflects high confidence and positive momentum among investors.

Source: CoinMarketCap

On the other hand, 17% of voters hold a bearish view, anticipating a potential decline. Though a minority, this group represents cautious or skeptical investors. Their presence adds balance to the overall sentiment, highlighting differing perspectives within the community.

Also Read: Internet Computer (ICP) Price Surges: Is a Breakout Rally Toward $12.30 Coming?

ICP Falling Wedge Points to Upcoming Rally to $11.50

Moreover, the crypto analyst, Jonathan Carter, highlighted that the Internet Computer (ICP) token is showing signs of a potential bullish reversal as it bounces from the lower boundary of a falling wedge formation on the 2-day chart. This pattern, often seen before major upside moves, highlights strong buyer activity and solid support holding at lower levels.

Source: X

If the trend continues, ICP may target a number of strong levels of resistance at $4.20, $6.30, $7.80, $9.50, and eventually at $11.50. A strong breakout above $4.20 may signal the initiation of a strong upward trend, pulling more investors into the market. Traders are waiting patiently for the shift in sentiment and the beginning of a strong move by the token.

ICP Technical Outlook Signals Ongoing Weakness

The price chart shows the Internet Computer (ICP) price continues to trade below the 20 EMA, 50 EMA, 100 EMA, and 200 EMA lines, indicating a strong bearish trend with levels of resistance at approximately $4.67 and $5.97. Furthermore, the long-term EMA at approximately $13.79 also validates the strong bearish trend.

Source: TradingView

At present, the RSI level stands at 32.93 and is close to the oversold level; a short-run upward trend may soon be witnessed. But the MACD line remains below the signal line, showing the bearish influence continues to prevail in the market. Unless a breakout and close above the 20-week EMA is achieved by ICP, the trend appears to be weak.

Also Read: Internet Computer (ICP) Price Set to Skyrocket? Analyst Targets $10 in 2025!