NOIDA (CoinChapter.com) — Internet Computer (ICP) crypto price action has lacked vigor recently, with ICP price failing to rally above the $13 price level. The ICP team has formed partnerships and engaged its community, but buyers remain away from the market.
Bitcoin’s muted price volatility early in February shifted traders’ focus to altcoins, including ICP. However, with BTC prices close to $50,000, traders have likely shifted their attention to the prime crypto.
The blockchain platform has been working to expand its reach globally. Internet Computer has established ICP Hubs in various regions across Asia, Latin America, Africa, and Europe. The expansion aims to promote the Web3 and AI ecosystem.
Moreover, The DFINITY foundation has supported Web3 music startups and integrated Bitcoin with the Internet Computer to enhance on-chain security and functionality.
In addition, the DFINITY Foundation launched a developer grants program to support and fund new projects on the Internet Computer ecosystem. Yet, the Internet Computer token price has failed to generate much hype from the partnerships and other bullish cues to start a rally.
ICP Forms Bullish Pennant Pattern
Meanwhile, the Internet Protocol token’s recent price action has brought the token close to breaking out of a bullish technical pattern called the ‘Bull Pennant.‘
The bull pennant is a continuation pattern that emerges when an investment instrument consolidates between two converging trendlines after undergoing a price rally. Ultimately, a breakout in the direction of the large initial movement follows the period of consolidation.
However, it is important to note the volume. As in, volume during consolidation should be low while it must increase during the breakout move. Otherwise, prices are more likely to pull back into the consolidation pattern.
If ICP price breaks out of the bull pennant, it can theoretically target a price level at least 203% higher than its current prices, meaning a price target near $39.
Internet Computer Rally Falter Near $13
The $13 price level has been quite unlucky for the ICP crypto. After falling below $13 on Jan. 11 earlier this year, bulls have failed to rally the ICP price above the supply wall near $13. Recent attempts saw bears selling aggressively to defend the price level, evident from the long upper wicks on the daily candles.
Should the token continue dropping, ICP price might end up testing the support from a multi-week ascending trendline near $11.8. Breaching the immediate support might see the Internet Protocol price drop to the 100-day EMA (blue wave) near $9.7.
However, if ICP price mimics the wider market trend, the token could rally to the resistance near $14.6. Flipping the immediate resistance could help the Internet Protocol token rally to the resistance near $16.6 before retreating.
The RSI remains neutral for ICP, scoring a comfortable 56.46 on the daily charts. The RSI suggests a lack of interest from market participants.
