Internet Computer Price Prediction: ICP’s V-shaped recovery rally under threat

Source Fxstreet
  • Internet Computer price has made multiple attempts at a bullish breakout, but all proved futile.
  • A breach of the $13.22 mean threshold is key for ICP, nearly 8% above current levels.
  • Another rejection could see the altcoin retest the $10.00 psychological level.

Internet Computer (ICP) price is pushing for a recovery rally and is about to complete a v-shaped. However, it faces overhead pressure from a supply zone.

Also Read: BNB, ICP, ARB, SEI: Four tokens unstirred by BTC dip as markets record largest altcoin liquidations in 2 years

Internet Computer price eyes 5% extension before possible rejection

Internet Computer (ICP) price is up 30% since the January 23 low of $9.52, pushing north, as part of a v-shaped recovery rally. However, the supply zone between $12.01 and $14.43 threatens the upside potential for ICP.

The Relative Strength Index (RSI) is northbound above the 50 level, suggesting rising momentum. Increased buyer momentum could see ICP price extend the gains to test the midline of the supply zone at $13.22, with a break and close above this level confirming the continuation of the intermediary trend.

Such a move could see the Internet Computer price extend north to convert the supply zone into a bullish breaker. This would be confirmed by a flip of the $15.33 resistance level into support.

In a highly bullish case, the gains could send the Internet Computer price reclaim the range high of $16.30, last tested on January 3. Such a move would constitute a 30% climb above current levels.

ICP/USDT 1-day chart

On the flipside, a rejection from the supply zone could see the Internet Computer price drop, with a possible retest of the $10.00 psychological level. In the dire case, the dump could see ICP roll over to the $8.79 support, nearly 30% below current levels.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP await US NFP for next directional moveBitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their weekly gains on Friday as traders await the US Nonfarm Payrolls (NFP) report for the next directional catalyst.
Author  FXStreet
9 hours ago
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their weekly gains on Friday as traders await the US Nonfarm Payrolls (NFP) report for the next directional catalyst.
placeholder
Yen hits one-month high on BOJ September-hike bets; AUD/JPY cracks support as carry unwindsUSD/JPY has tumbled from the 160 area to a one-month low near 155.2 in two sessions as Bank of Japan hike bets for the Sept 17-18 meeting intensify. AUD/JPY has broken below 112.7, flagging carry-trade stress. A test of 155.21 - and then 153 - is now in focus.
Author  Suzie
12 hours ago
USD/JPY has tumbled from the 160 area to a one-month low near 155.2 in two sessions as Bank of Japan hike bets for the Sept 17-18 meeting intensify. AUD/JPY has broken below 112.7, flagging carry-trade stress. A test of 155.21 - and then 153 - is now in focus.
placeholder
Gold rebounds above $4,450 as Waller tempers Fed rate hike bets ahead US jobs dataGold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday. 
Author  FXStreet
18 hours ago
Gold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday. 
placeholder
Gold rebounds past $4,400 as rate-hike odds cool ahead of NFPGold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
Author  Irene Q.
Yesterday 09: 21
Gold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
placeholder
US August Nonfarm Payrolls Preview: Will the Labor Market Quell Fed Rate Hike Expectations? US Stocks, Dollar, and Gold Face Key TestThe U.S. Bureau of Labor Statistics will release the August nonfarm payrolls report at 8:30 a.m. ET on September 4. Following hawkish signals delivered by Fed Chair Warsh at Jackson Hole
Author  TradingKey
Yesterday 08: 32
The U.S. Bureau of Labor Statistics will release the August nonfarm payrolls report at 8:30 a.m. ET on September 4. Following hawkish signals delivered by Fed Chair Warsh at Jackson Hole
goTop
quote