Internet Computer (ICPUSD) Market Heads Towards Major Resistance
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Internet Computer Price Prediction – May 7
ICPUSD market heads towards major resistance. The major resistance has been acting as a diagonal support since January 2024. Owing to the respect of the prices toward the diagonal support, the market’s order flow is bullish. However, a retracement to the diagonal support is currently ongoing.
The overall bullish trend has long begun, even before the inception of the diagonal support. The MACD (Moving Average Convergence Divergence) did not make a successful cross below the zero line until after a major high was attained in the $20.960 supply zone. Following the double tops formed at $16.280, the selling pressure has been decreasing momentarily. Once the major trendline is hit, a massive surge to the upside, invalidating the double tops, is likely.
ICP/USD Market Key Levels:
Resistance levels: $15.680, $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 is undergoing a major correction towards the diagonal support.
The major correction began after the price attained a major high of $20.960. Before the attainment, an FVG (Fair Value Gap) had formed around the $12.000 price level.
After the Fair Value Gap was filled, the price surged upward, forming a double top before continuing its correction to the downside. The ongoing correction, however, is likely to end as soon as the major trendline is hit.
When will the ICPUSD market likely react to the major trendline?
The market’s overall trend is bullish due to the BOS (Break Of Structures) in the upward direction. A FVG has formed around the $13.600 price level. ICPUSD currently seems to be consolidating below the FVG. A tap into the FVG is likely to cause a quick decline toward the major trendline.
The major trendline is likely to get hit around the psychological price level of $12.000. Owing to the buying pressure at this level, ICPUSD is likely to resume its bullish trend, thereby leading to another BOS to the upside.
ICP/BTC Price Analysis
Internet Computer is also bullish against BTC. The presence of the bulls had earlier been seen as the price broke beyond the 0.000170 previous resistance in December 2023.
Last month, a CHoCH (Change of Character) occurred to the upside as the price invalidated a swing high of 0.000260. The market’s bullish order flow is expected to resume soon as the price sets to grab sell-side liquidity below the 0.000200 weak low.
Internet Computer (ICP) Current Statistics
The current price: $13.320
Market Capitalization: $5,980,000,000
Trading Volume:$93,490,000
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