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Since the weekend, Internet Computer has been at the forefront of the bullish wave sweeping throughout the cryptocurrency market. Due to a skyrocketing trading volume and a growing market value, ICP showed a spectacular 10% increase in just twenty-four hours, reaching a price of ten dollars on Monday.
Investors are sighing relief after a string of horrific weeks marked by significant losses. The selling pressure from the German government's sale of Bitcoin caused Bitcoin to collapse below $60,000 and extend the downward leg to $56,000. The selling pressure halted this movement, as per Coingape.
Additionally, the insolvent Mt. Gox exchange began distributing Bitcoin and Bitcoin Cash payments to its creditors through the trustee, which added to the pressure on the trading market.
According to June's Consumer Price Index (CPI) data, inflation in the United States is decreasing, and the Federal Reserve is progressively getting closer to its target of 2% inflation. Despite the seemingly unwavering stance, the report confirmed that investors had anticipated a reduction in the first-rate interest. This is a positive development.
A Breakout of the Wedge Pattern for the Internet Computer Price
After reaching a high of more than $20 in April, ICP continued to move in a downward direction within the constraints of two trend lines that were getting narrower. This allowed bulls to keep selling in check while the upper trendline prevented upward movements. The lower trend line served as support, helping bulls to hold sellers in check.
After continuing its downward spiral, the price of Internet Computers eventually found support at $6, which came to the bulls' rescue. The market has exhibited a general positive tendency since the weekend, and a comeback from this level to $10 coincided with this upward trend.
Following the formation of a falling wedge pattern, a more significant breakout is likely to occur. ICP is already located above several crucial levels, beginning with the 20-day Exponential Moving Average (EMA), the 50-day EMA, and, most crucially, the wedge pattern.
The daily chart was likely consulted by traders who placed purchase orders above the 50-day exponential moving average (EMA) or above the upper trendline. The bullish narrative is supported by a 12% gain in market value to $4.4 billion and a 4% increase in volume to $130 million. Both of these measures are significant.
Technical Indicators Rally Behind ICP Bulls
As the wedge continues to collapse, a 56% breakthrough to $20 is possible. The chart depicts this breakout as the point at which the pattern reached its highest point.
The optimistic view is further strengthened by the fact that the Moving Average Convergence Divergence (MACD) indicator has issued a buy signal, and there has been a noticeable increase in trading volume.
The price of Internet Computers will gain speed toward the wedge goal at $20 if the MACD crosses into the positive region and, at the same time, green histograms continue to increase.
The recovery of the Relative Strength Index (RSI), which is over 63, indicates that the path of least resistance is significantly downward. If the daily close was higher than $10, it would be a significant step toward establishing the bulls' presence in the market.
