The Internet Computer is an open-source blockchain project powered by smart contracts. High speed, incredible scalability, and affordable transaction costs are the distinguishing features of this network. It also provides a robust platform for building decentralized apps, introducing advanced versions of existing Ethereum dApps, and facilitate on-chain transactions. ICP is the customized token of this ecosystem. Let us look at the technical analysis of ICP. Past Performance On Jul 19, 2021, ICP opened at $32.38. On Jul 25, 2021, ICP closed at $42.59. Thus, in the past week, the ICP price has increased by roughly 31%. In the last 24 hours, ICP has traded between $40.47-$45.81. https://ift.tt/370AkfD Day-Ahead and Tomorrow Currently, ICP is trading at $43.89. The price has increased from the day’s opening price of $42.59. Thus, the market seems bullish. The MACD and signal lines are turning positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is turning bullish. Hence, we can expect the price to rise further. Currently, the RSI indicator is at 50%. It faced rejection at 47% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the ICP price. Besides, the OBV indicator has started rising steadily. Thus, buying volumes are slowly overtaking selling volumes. Hence, the price may increase further. In short, when we look at all three oscillators together, we can say that the overall market momentum is bullish. Currently, the market is in a correction phase. We have to wait and watch if a trend reversal occurs later in the day. ICP Price Analysis Currently, the price is above the Fibonacci pivot point of $42.96. The price may soon surpass the first Fibonacci pivot resistance level of $45. Thereafter, we have to wait and watch if the bullish forces remain strong or a trend reversal occurs. The price may soon test and rise above the 38.2% FIB retracement level of $43.77. It may further break out of the 23.6% FIB retracement level of $44.55. As of now, the bulls seem strong. Thus, we can expect the price upswing to continue tomorrow as well.
The post ICP Technical Analysis: Price Above the Fibonacci Pivot Point of $42.96, May Soon Surpass $45 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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