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The Internet Computer Protocol ICP/USD is going backwards. If the investor makes a profit, the 24-hour loss will be 8.15% for him. However, this is just a fix, as the token has maintained his impressive 24.35% gain over the past week. The latest price drop is an opportunity for buyers with up to 40% upside potential.
It remains to be seen how long crypto sentiment will continue to improve, but the ICP is heading towards $10. This is confirmed by the latest price action showing that the ICP has crossed a critical level. Prices are gaining momentum as most cryptocurrencies have surged. In particular, the predicted Ethereum merge is boosting tokens published to web3.
Source TradingView
Technically, the ICP operates on a system of higher highs and higher lows. The token has set a weekly high of around $9.7. A weak high coincided with an overbought condition when the RSI reached 72. This suggests that ICP buyers have profited at this level.
The current price is $7.7, but the ICP is adjusting and trying to find support at $7.0. Alternatively, the token can find support where the price crosses the moving averages. Investors should be keen on these levels for a potential bullish reversal. Buy trades should target $10.6 as the ICP’s next resistance.
ICP is very bullish despite the current correction. The token could drop further, but finds support at $7.0. ICP buyers should consider buying cheaper as investor interest remains strong. The token will find resistance just above $10.
