Recently, the digital assets have been navigating with the bears, unable to escape the hold. Even the bullish fluctuations are ending up in modest spikes. The tokens are charted in both red and green, including Bitcoin and Ethereum, currently hovering at $96.3K and $3.3K, respectively. Concurrently, the Internet Computer (ICP) has jumped by over 15.35% in value.
The asset opened the day trading at a low level of $3.63. As the bulls entered the ICP market, they tested some of the resistance between $3.68 and $4.75, and triggered the price to rise to a high range of $4.80. If the bullish pressure continues for a long period, the price will be set to climb and acquire more gains.
At press time, Internet Computer is trading at around $4.28, and the market cap has settled at $2.34 billion. Besides, the daily trading volume has reached the $816.44 million mark after an explosion of over 174.85%. According to the Coinglass data, the market has witnessed a 24-hour liquidation of $3.43 million worth of ICP.
Are Internet Computer Bulls Strong Enough to Sustain This Surge?
With a classic bullish signal, the Internet Computer price might climb to its key resistance range at around $4.38. If the strong upside pressure activates, the golden cross could emerge and take the price above $4.49. Upon a reversal, a bearish signal unfolds, and the price of Internet Computer could fall and test the support at $4.18. Assuming the downside correction gains more strength, the death cross might form, and the price moves below $4.07.
The recent technical chart of Internet Computer reveals that the MACD line has moved above the signal line, implying a bullish shift. Also, the trend may continue upward with a potential buy signal. In addition, the CMF indicator at 0.12 shows mild buying pressure in the ICP market. Notably, money is flowing into the asset more than out, pointing to accumulation, but it is not very strong. If it rises, it supports a more bullish outlook.
Moreover, the daily RSI resting at 74.90 indicates ICP is in the overbought territory. Significantly, this reflects strong bullish momentum, but it has a higher risk of a short-term pullback. Internet Computer’s BBP reading of 0.702 suggests that the bulls are in control. As the buyers currently have the upper hand, the market exhibits positive momentum, though the strength is moderate, not extreme.
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