Internet computer is on the radar of most traders as it is on an uptrend. This situation sees the coin garner more reactions and following from the crypto market as it is one of the top gainers over the last 48 hours.
During the current intraday session, the asset kicked off trading at $6 and slowly edged toward $7. However, it failed in its attempt to retest the $7 resistance as it faced strong rejections at $6.82. As a result, it retraced and is currently at $6.57 and may close at this value.
It is worth noting that the uptrend started on Thursday when it kicked off trading at $5.32. During that session, it surged to a high of $5.80 but closed a little lower. Nonetheless, it registered increases of more than 7%.
We noticed more attempts at critical levels during the previous intraday session. This time, it flipped the $6 resistance. It also gained considerable stability above it as it closed at $6. It also recorded gains of more than 5%.
The uptrend is still present as we noticed another green candle. Breaking it into the 2-hour chart, we observed that internet computer was mostly bullish until its latest attempt at $7 at 16:00 UTC. This also indicates a significant decrease in buying pressure.
The $7 barrier is one of the most talked about as ICP most recent trial at the mark failed. It is fast approaching it again and the question lingers, will it break?
Internet Computer may Attempt $7.50
As the uptrend enters its third consecutive day, we may see more attempts by the bears and more traders may take profit. As a result, ICP may slow down. Nonetheless, it is hard to predict how prices may react in the coming days as either of these scenarios may play out.
A closer look at price trends suggests that the asset may see more price increases. For example, from April 9 to 18, ICP was on a bullish spree. It was on a steady rise for more than nine days before it retraced.
Over this period, it gained more than 38%. Afterward, it retraced by more than 10% during the next intraday session. Nonetheless, it flipped $7 before this significant drop in value.
If this scenario plays out, we may expect the coin to surge as high as $8 before it retraces. A look at the indicators also hints at ICP experiencing more price increases.
One such is the Moving Average Convergence Divergence. We noticed that the metric is displaying a bullish divergence. Additionally, we are seeing the 12-day EMA gradually surge above 0.
On the other hand, the three-day surge may play against the coin in the coming days. A closer look at the chart reveals new details.
We noticed that before a major retracement, ICP attempts a key resistance but fails to flip it. It may peak closer to the mark but ends the session lower, resulting in a long wick to the top.
This happened on more than two occasions. The most recent happened in April 19. We noticed another movement like that on February 19. The current day’s candle is also depicting this scenario. If this plays out, ICP may struggle below $7 a lot longer than expected.
