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.
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.
Sustained bullish pressure could lead to ICP making ground near the previous top, Source: ICPUSDT on TradingView.com
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.
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.
The #InternetComputer blockchain recently surpassed 100MM blocks on Friday, July 23, 2021 09:15:28 AM GMT, and currently has a flow of 20bps.
Internet Computer blockchain surpasses 100 million blocks, Source: Twitter
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.
Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.
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