Internet Computer (ICP) Breaks Out with a 10% Push: Fuel for a Bigger Run or Just a Quick Fade?

• Internet Computer has jumped 10%, now trading at $4.
• ICP’s daily trading volume has surged by over 73%.

Lately, the cryptocurrency market has been moving with the bearish trends. Notably, it is difficult to see double-digit gains among the assets. With a 2% decline, the overall market cap is settled at $3.63 trillion. All major digital assets, including BTC and ETH, are charted in red, losing momentum. Meanwhile, one of the trending coins is the Internet Computer (ICP).

In the early hours, ICP was trading at a bottom range of $3.46, and the bullish encounter has triggered the price to climb to a high of $4.30. To confirm the uptrend, the asset has tested and broken the crucial resistance between $3.51 and $4.25 zones. Upon the bulls staying stronger, the price could see more gains.

With a steady and solid surge of over 10.96%, Internet Computer is currently trading at around $4.00, and the market cap has reached $2.1 billion. In addition, the daily trading volume has exploded by over 73.04%, touching the $451 million mark. As per Coinglass data, the market has experienced a 24-hour liquidation of $1.83 million worth of ICP.

Can the Internet Computer Bulls Keep Control?

The Internet Computer’s 4-hour price chart displays a bullish trading pattern. The MACD line is positioned above the signal line, indicating bullish momentum. Also, the price may continue moving upward. Besides, the CMF indicator found at 0.18 suggests moderate buying pressure in the ICP market. As the value is above 0, the money is likely flowing into the asset, but not at an extreme level.

ICP chart (Source: TradingView)

The strong green candlestick formation gives a classic bullish signal. The Internet Computer price might clear the initial resistance at around $4.08. With the strong bullish correction, the golden cross could take place and send the price toward a high range of $4.16 or even higher.

However, if the asset’s price action paints a cautious picture, typically a bearish signal. The price could instantly slip and find support at $3.92. Assuming the bearish pressure of Internet Computer gained enough traction, the death cross might unfold, driving the price below $3.84.

Moreover, the daily RSI value of ICP at 64.43 implies its bullish phase. It has a strong buying momentum, with enough room for further upside before entering the overbought zone above 70. Internet Computer’s BBP reading of 0.372 signals that the bulls are dominant in the market. The momentum is not aggressively strong, which hints at cautious optimism rather than a breakout.

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