Market Analysis

INTERNET COMPUTER PRICE ANALYSIS & PREDICTION (February 3) – ICP Reclaims Weekly High Following A Daily 9% Bounce, Signals Bullish

Following last week’s rejection that brought a quick recovery to price, ICP found another support this week and looks poised to break out of its two-week high. It appeared the bulls are back with 12% gains in 7 days.

ICP retraced briefly some days ago after failing to push above $13. It found support again and is now back in a green zone following an impressive gain over the past 48 hours.

As a result, bearish correction now seems to be fading with the recent positive wave in the market. Following Thursday’s bounce, it is now trading near its weekly high. All these actions came after halting bearish under $10 last week. 

However, it looks poise for an increase and is likely to reclaim its two-week high. A successful climb above this high could bring a fresh positive rally into the market: but the $16.3 resistance may pose a threat on the way up. 

Scaling through that resistance would not just confirm a bullish breakout but might set the asset for a long-term bullish. Based on some sentiment surrounding the market lately, it is too early to start considering a reversal. 

If by any way it fails to increase above all these important resistance levels, ICP may slip back to look for a solid ground to foot a fresh increase. Failure to find support may result in another leg down that is capable of returning bearish momentum.

ICP’s Key Level To Watch

Source: Tradingview

ICP is currently facing the $13 resistance level. A weekly close above this resistance could advance buying to $14. The next resistance level to watch above it is $15.2 and $16.3, with a potential breakout.

If the price drops, there’s support at $9.8, marked as a weekly low. Losing this low could dip the price back to $8.6 and $7.4. A crack below this support could activate a huge sell-off in the market.

Key Resistance Levels: $14, $15.2, $16.3

Key Support Levels: $9.8, $8.6, $7.4

  • Spot Price: $12.6
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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