ICP Pumps 26% And Is on Track to Keep RisingThe Internet Computer price managed to recover after it dropped below the key $11.980 support level during yesterday’s trading session. As a result, the altcoin recorded a second higher low. It was also trading above this significant price point at press time. Should it close today’s trading session above $11.980, it may continue rising to the subsequent barrier at $16.340.
This is the upper boundary of a positive price channel that has formed on ICP’s daily chart over the last 2 weeks. A break above this channel could therefore lead to the Internet Computer price climbing to as high as $21.155 in the following few days.
However, a rejection from the $16.340 resistance level or a daily close today below $11.980 may invalidate the bullish thesis. Should the Internet Computer price face rejection from the $16.340 resistance, it may pull back to the $11.980 support in the next couple of days. This will most likely be a liquidity building move before another leg up.
Traders and investors will want to watch today’s daily close, however, as a drop below $11.980 may result in a steep correction. In this scenario, the Internet Computer price may fall to as low as $8.445.
Traders Are Waiting for a Sign to Boost the Internet Computer Price
Technical indicators showed that the Internet Computer price has entered into a limbo phase. However, both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest that sellers have a slight advantage over buyers.
The MACD line was positioned below the MACD Signal line at press time. Despite this, the prior was closing in on the latter, which may trigger a bullish trend reversal signal soon should the two lines cross.
The RSI was also positioned bearishly below its Simple Moving Average (SMA) line. This is generally seen as a sign that sellers are stronger than buyers. As a result, it will be easier for sellers to drag the Internet Computer price down in the upcoming days than it will be for bulls to boost it.
At the Mercy of Tomorrow’s Bitcoin ETF Deadline
The Internet Computer price could face a significant downturn if the U.S. Securities and Exchange Commission (SEC) announces tomorrow that it will not approve a Spot Bitcoin ETF. Such a decision could trigger a broader market reaction, negatively impacting the cryptocurrency sector as a whole. Given that Bitcoin often leads market sentiment in the crypto space, a setback in its ETF approval could diminish investor confidence, leading to a ripple effect across various cryptocurrencies, including Internet Computer.
