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Internet Computer’s ($ICP) upward trend experienced a bearish pullback in the first week of 2024 to dampen the bullish momentum. After a significant breakout about the $11.4 resistance level, $ICP retraced to the $11 price level within five days.
However, bulls displayed their strength at the new support level of $11.4 with a strong 30% price jump over the past 24 hours. This curtailed the bearish retracement and could see $ICP hit the $16 - $18 price zone in the coming days.
Buyers are back in the game
$ICP buyers were left frustrated after the bearish pullback from the $16 price zone threatened to derail the bullish uptrend. The 29% dip erased almost half of the gains $ICP had made in recent weeks.
Nevertheless, the recent bullish resurgence in the market occasioned by Bitcoin ($BTC) hitting $46k sparked an influx of volume into altcoins with $ICP buyers taking maximum advantage. According to Coinmarketcap, $ICP’s trading volume rose by 142% over the past day.
The Relative Strength Index (RSI) highlighted the swift price recovery. The RSI rose from the oversold zone to hit a bullish reading of 54. This hinted at significant buying pressure in the short term.
Similarly, the Moving Average Convergence Divergence (MACD) indicator posted a bullish crossover along with green histogram bars. This signalled buyers gaining the ascendency in the short term.
Traders looking to get in on the price reversal can wait for $ICP to make a higher low on the four-hour timeframe at the $12 - $12.5 price zone. This would provide a good entry to ride the bullish wave up to $16, possibly registering over 20% in profits.
Overall, the price bounce back for $ICP buyers could lead to an extension of the coin’s bullish streak.
$ICP Short-term target - $16
$ICP Long-term target - $20
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.