Internet Computer (ICPUSD) Market Begins Upward Expansion

Internet Computer Price Prediction – May 19

The ICPUSD market begins upward expansion after the price fails to invalidate the diagonal support. A massive rally is highly probable, as the upward expansion aligns with the overall market trend.
 
The upward expansion was preceded by the indication of the Stochastic Oscillator. According to the Stochastic Oscillator, the market was extremely oversold. A bullish hidden divergence could also be spotted. The MA Cross now seems to be contracting as the bullish environment becomes noticeable.

ICP/USD Market Key Levels

Resistance levels: $16.280, $20.960, $23.510
Support levels: $11.000, $9.530, $7.330

ICP/USD – Daily Chart

The ICP/USD daily chart showcases that the market has begun an upward trend in alignment with the overall trend.
 
The bulls have been more in control of the market since the beginning of 2024. This is revealed in the subsequent BOS (Break Of Structure) the market has been experiencing.
 
The recent major retracement was a result of the extremely overbought state of the market at $20.960. ICPUSD crashed downward until it eventually hit the major trendline.

How will the ICPUSD market likely react to the major trendline?

ICPUSD has bounced off the major trendline as the Stochastic Oscillator indicated that the market was oversold. Invalidation of the equal high around $14.000 is, however, still expected as the price heads to invalidate the $16.400 swing high.

ICP/BTC Price Analysis

ICPBTC is also set to begin an upward expansion as it breaks out of the diagonal resistance. As indicated by the Stochastic Oscillator, the market was already oversold.
 
At the premium zone, an FVG (Fair Value Gap) had formed. A rally to the premium zone is expected as the price heads to fill the Fair Value Gap.
 
Internet Computer (ICP) Current Statistics 
The current price: $13.140
Market Capitalization: $5,880,000,000
Trading Volume:$86,870,000

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