- Strong buying pressure pumped Internet Computer Protocol (ICP) prices by 42% since July 20
- Solid fundamentals at work behind the rally
- ICP/USDT pair was trading within a bullish wedge formation since June 28
JAIPUR (Coinchapter.com) – Internet Computer’s native blockchain asset is riding high on explosive bullish support. The Zug-based Dfinity Foundation’s smart contract underpinning cryptocurrency rallied by 42% since bottoming at $26.75.
After achieving a local high of $59.8 on June 29, ICP/USDT was trading within a bullish wedge formation. However, the pair finally broke out of the downtrend when bulls assumed control in the morning London session on July 20.
Internet Computer 4-Hour Technical Setup
ICP/USDT is now trending well above the 50-day and 200-day MA waves. In addition, the pair successfully broke even above the 20-day exponential moving average (EMA) and has printed multiple higher highs confirming a solid bullish trend.
ICP bulls pushed the asset to retest the 161.8% Fibonacci extension level in the ongoing run-up, which coincides with $45.59. However, the $54.19 (261.8% Fibonacci extension level) remains a crucial resistance for the near term.
Related: A 40% bullish breakout awaits Internet Computer (ICP) on falling wedge formation
If bullish pressure sustains beyond $54.19, then ICP/USDT retesting the $62.79 (361.8% Fibonacci extension level) price point is a plausible possibility.
Nonetheless, the RSI (Relative Strength Indicator) and MACD (Moving Average Convergence Divergence) waves are giving off ‘overbought vibes’. The 4-hour ICP/USDT chart shows the smart contract token tapping 70, the upper bound of the RSI band. The last time this scenario played out, Internet Computer prices crashed by 55%.
Traders/investors looking to place buy bids or going long on ICP should assess the situation carefully before proceeding.
Related: Internet Protocol (ICP) pops 83% in the latest recovery rally—a bull trap?
Fundamentals Based Rally
A flurry of fundamental developments has helped pushed Internet Computer prices on a bullish trajectory. For starters, the smart contract blockchain achieved a milestone of surpassing 100 million blocks on Friday, July 23, morning London time.
Before the above took place, a slew of decentralized app (dapp) launches already got bulls excited about ICP’s long-term prospects. DSCVR is a decentralized version of Reddit, Fleek, a decentralized web hosting app, Distrikt, a decentralized professional network, and Origyn, which is helping with blending luxury goods with NFTs.
That is the suitable weblog for anyone who needs to seek out out about this topic. You understand so much its almost hard to argue with you (not that I actually would want…HaHa). You definitely put a brand new spin on a topic thats been written about for years. Nice stuff, just great!
Hello, Neat post. There’s an issue along with your website in web explorer, would test this… IE still is the market chief and a good part of people will miss your magnificent writing due to this problem.
whoah this blog is great i love reading your articles. Keep up the good work! You know, many people are looking around for this information, you can help them greatly.
Usually I do not learn article on blogs, but I wish to say that this write-up very compelled me to check out and do it! Your writing style has been amazed me. Thanks, quite great article.
Thank you for sharing excellent informations. Your web-site is very cool. I’m impressed by the details that you have on this web site. It reveals how nicely you perceive this subject. Bookmarked this web page, will come back for extra articles. You, my friend, ROCK! I found just the info I already searched everywhere and just could not come across. What an ideal site.
There are some interesting closing dates on this article however I don’t know if I see all of them center to heart. There may be some validity however I will take maintain opinion until I look into it further. Good article , thanks and we would like extra! Added to FeedBurner as nicely
I have been exploring for a little for any high-quality articles or blog posts on this kind of space . Exploring in Yahoo I at last stumbled upon this website. Reading this information So i am glad to show that I have an incredibly good uncanny feeling I discovered just what I needed. I most unquestionably will make sure to do not disregard this site and provides it a glance regularly.
Wonderful beat ! I would like to apprentice whilst you amend your site, how can i subscribe for a weblog site? The account helped me a acceptable deal. I had been tiny bit familiar of this your broadcast provided vibrant transparent idea
Your style is so unique compared to many other people. Thank you for publishing when you have the opportunity,Guess I will just make this bookmarked.2
I simply couldn’t leave your site prior to suggesting that I extremely loved the usual info an individual provide on your visitors? Is going to be back incessantly to check up on new posts.
Super-Duper blog! I am loving it!! Will come back again. I am taking your feeds also
I am glad to be a visitant of this sodding website! , thanks for this rare information! .
I have been exploring for a bit for any high-quality articles or weblog posts in this kind of space . Exploring in Yahoo I at last stumbled upon this web site. Studying this info So i am glad to express that I’ve a very just right uncanny feeling I came upon just what I needed. I most indubitably will make sure to don’t put out of your mind this site and provides it a look on a continuing basis.
I enjoy what you guys tend to be up too. This kind of clever work and reporting! Keep up the superb works guys I’ve included you guys to my blogroll.
Hi, i think that i saw you visited my blog thus i came to “return the favor”.I am trying to find things to enhance my web site!I suppose its ok to use some of your ideas!!
I have been reading out many of your stories and i can claim nice stuff. I will surely bookmark your website.
HIMALAYAN PINK SALT TRICK
horse salt for men
BLUE CELTIC SALT TRICK
ORANGE PEEL TRICK FOR WEIGHT LOSS