A bullish trend is expected in the ICP market with a price increase of 4.31% as per CoinEdition

The Bullish Trend Expected to Spread in the ICP Market with a Price Increase of 4.31%
  • According to recent research, ICP bulls had the upper hand.
  • Technical indicators are alerting investors to be cautious.
  • The bulls must hold the $4.01 resistance level to extend this trend.

The bullish bulge was noticeable in the Internet Computer (ICP) over the past 24 hours, as the bulls managed to sustain the upside of $3.98, an increase of 4.31% as of press time.

This rise was attributed to an increase of 4.49% in the market capitalization and 34.76% in the one-day trading volume, respectively, to $1,073,419,490 and $29,835,657.

24-hour price chart Source: CoinMarketCap

The three lines move upstream, indicating a positive fad, according to the Williams Crocodile. The recent trend in the ICP market will exist as long as the green line is above the red line and the red line is above the blue line unless bears invalidate it. The green line (lips) connects at 3.909, the red line (teeth) intersects at 3.891, and the blue line (jaw) intersects at 3.891. Price action above the Alligator’s mouth tends to indicate that the bullish outperformance will continue.

The Stoch RSI reading at 87.33 is worrying investors as it is in the overbought territory, which indicates that the recent trend is coming to an end and that prices could drop. However, this is more of a warning to traders rather than a guarantee of a price reversal.

Values ​​above 50 on the Relative Volatility Index reflect that volatility is rising, but as seen on the 4 hours chart of ICP, with the RVI at 48.79 and pointing south, the bullish momentum is fading as the RVI approaches oversold territory.

ICP/USD 4-hour price chart Source: CoinMarketCap

When the blue MACD line crosses above the signal line, a bullish trend is seen, as seen in the ICP market, where the signal line is -0.018 and the MACD is 0.005. This bullish train is reinforced by the advance in the positive area of ​​the MACD and the histogram.

The upward movement of the Elder Force Index (EFI) and Chaikin Money Flow (CMF) above the “0” level, with readings of 2.563k and 0.71 respectively, reinforces the bullish trend in ICP prices. The uptrend of CMF reinforces this bullish outlook.

ICP/USD 4-hour price chart Source: CoinMarketCap

Technical indicators warn traders, however, that if the bulls continue to influence the ICP market, a prolonged bullish trend is inclined.

DisclaimerComments and opinions, as well as all information shared in this price analysis, are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk, Coin Edition and its affiliates shall not be liable for any direct or indirect damage or loss.

The upside after speculating spread in the ICP market where a price rally of 4.31% was seen for the first time in the coin issuance.

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