Internet Computer (ICP) Weekly Chart Shows Bullish Momentum: Can It Break Above $8?
- ICP holds a mildly bullish tone despite the recent price correction.
- A weekly close above $8 could spark a rally toward $10.23 and $12.59.
- Omnity Network’s ICP 2.0 upgrade adds momentum to long-term sentiment.
Internet Computer (ICP) recently displayed a strong recovery phase on its weekly chart, signaling a cautious yet promising momentum.
The token touched $7.85 before retreating to $6.06, reflecting a 19.84% decline over the week. However, despite the correction, ICP remains comfortably above short-term moving averages, showing early signs of accumulation.
The Bollinger Bands (20, 2) widened notably, with the upper band positioned near $6.99 and the lower band at $2.94, reflecting increased volatility and a possible breakout scenario.
Although the pricing level faced resistance in the vicinity of the upper edge of the channel, the level is holding strong above the 20 EMA at $5.03 and the 50 EMA at $5.98.
The significant levels of resistance for the pricing level are the 100 EMA at $8.09 and the 200 EMA at $13.57.
The bigger picture is calling for stabilization, rather than an actual reversal at this moment in time. The level of $5.00-$5.30 could be critical in maintaining an upside lead.
Also Read: Internet Computer Price Outlook: ICP Targets $77.50 Long-Term
ICP Technical Indicators Point Toward Gradual Strength
The momentum values for the week suggest a gradual enhancement in buying actions. The Relative Strength Index is placed at 54.36, which is slightly above the middle line, reflecting equal support from buyers, but it is nowhere close to an overbought level.
A recent pullback to zone 45 reflects fresh buying interest after a brief period of accumulating positions because of consolidation.
Strength in momentum is also supported by another indicator, MACD, which has just turned positive. The value of MACD is approximately 0.26826, crossing above the signal line of -0.21595, indicating a short-term buying signal, as a result of which the price may proceed to touch higher levels if ICP stays above $5.00 in value.
From Fibonacci retracement lines based on the previous high of $15.60, distinct levels of resistance emerge.
The level at 0.618 is $10.23, while that of 0.786 is $12.59. ICP, if it is able to close higher than $8.00 for the week, might just provide an avenue for a slow ascent to this level.
Omnity Network Expands the ICP Ecosystem
Apart from the charts, development actions surrounding ICP also give reasons to be optimistic for the future of ICP tokens. Omnity Network marked the beginning of a new epoch known as ICP 2.0, which is based on the fundamental technologies of Dfinity’s Internet Computer Project.
Omnity integrates the capabilities of Chain Fusion and Chain Key, unlocking interoperability between Bitcoin and the Internet Computer’s Smart-Contract Layer, which enables trustless, secure, and decentralized Bitcoin-based DeFi applications to run natively on the Internet Computer.
ICP’s technological advancement also propels it further in the blockchain community. As the infrastructure of this network continues to be strengthened, as long as things remain positive, breaking past $8 could bring ICP into a fresh phase of ascendancy.
Also Read: Internet Computer Technical Outlook: ICP Shows Breakout Potential Toward $8.54
