Internet Computer (ICP) has been on a downtrend over the past two months. Its price action highlighted by its ongoing volatility has left traders uncertain about ICP’s next move. Today, crypto analyst Ali Martinez pointed out why the altcoin is poised to experience a surge in the coming weeks.
ICP holds ground despite volatility
Today, Martinez shared a technical analysis, highlighting that Internet Computer needs to hold the $6.60 support to push toward $10 or even $15.
As per Martinez’s chart, ICP is currently trading at $7.00, having secured a strong support above the critical support level of $6.60. The ability to hold at this level indicates the token’s potential to move up in the near term. Its ability to maintain support above this area could enable it to push higher and this could play a catalytic role for fresh interest in the market.
Holding above $6.60 and pushing above the $10 mark would possibly trigger a new upward trend, attracting new buyers and possibly setting the foundation for a significant upward momentum. Such a price action could enable ICP to retest a higher resistance level of $15 and even move further. A rise above $10 could suggest the beginning of a major uptrend, reinforcing enthusiasm for ICP’s long-term strength.
ICP price updates
Since early December 2024, Internet Computer has been in a downward momentum coupled with a market correction, which started early this month. Despite this bearish sentiment in the market, ICP’s on-chain data indicates a breakout could be coming soon.
With the asset’s price currently standing at $6.84, ICP is finding its support at the $6.5 and $6.85 range and facing resistance at the $8.15 and $9.31. These technical zones are crucial in determining whether the token will continue its downtrend or break out from the slump.
ICP has experienced challenges moving above the $9.31 resistance, a zone that has regularly held back its price movement. However, its current price correction could be a forerunner to a possible breakout to an upward trend. If purchasing activity continues rising, as suggested by Ali Martinez, ICP could cross the $9.31 resistance and target higher significant resistance at $11.51. This would show an incredible price movement, potentially suggesting a shift toward a market rally.
The asset’s price has been down 24.9% over the past 30 days. Despite this decrease and reduced excitement, ICP’s price is currently standing at a historically significant support zone, which is a positive thing.
Open Interest in derivatives markets recorded an increase of 0.01% over the past 24 hours. This indicates that traders are increasingly creating new positions in the token. Furthermore, accumulation has not stopped. The ICP network is attracting new users. The number of weekly active addresses in the network has risen to a remarkable 7,200, representing a 19.7% increase from the previous week.
