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The Internet Computer price pumped more than 19% in the last 24 hours to trade at $16.83 at press time.
The Internet Computer Price Challenges Resistance
4-hour chart for ICP/USDT (Source: TradingView)
In recent trading sessions, The Internet Computer price has demonstrated a notable upward trend on the 4-hour chart, capturing the attention of crypto traders and analysts. The movement has been backed by increasing volume, suggesting strong market interest, especially noted in the jump to $16.856 followed by a significant volume spike.
The 9 EMA (Exponential Moving Average) and 20 EMA indicators have both shown consistent upward trajectories over the last few periods. This indicates a bullish market environment. These increasing EMA values also underline the asset’s strength, with the 9 EMA staying above the 20 EMA throughout, reinforcing the bullish sentiment.
The MACD (Moving Average Convergence Divergence) further confirms the bullish trend. The MACD line has steadily increased and remains above the signal line, which suggests increasing momentum. The histogram values, indicating the difference between the MACD line and its signal line, have also been in positive territory, growing larger, which points to strengthening bullish momentum.
RSI (Relative Strength Index) readings have hovered in the overbought territory, with values from 72.57 to 78.13. Traditionally, an RSI above 70 indicates that an asset might be overbought, which can sometimes precede a market correction. However, in strong bullish phases, assets can remain overbought for extended periods, indicating sustained buying interest.
Key Levels to Watch
Looking at potential movements, the levels to watch include immediate resistance at $16.842 and support levels at $14.263, $14.118, and $13.99. The consistent surpassing of resistance levels and the maintenance of prices above support levels suggest a strong bullish stance but also warrant caution for a possible retracement given the overbought RSI conditions.
For traders looking for entry and exit points, considering long positions around the support levels with a close eye on the RSI for potential pullback signs could be wise. Conversely, should the pair show signs of weakness, or if the RSI starts to turn downward, these levels might also serve as potential points for short trades, keeping in mind the overall bullish trend.
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In conclusion, the Internet Computer price has shown significant bullish momentum on the 4-hour chart, supported by technical indicators. While the market sentiment is currently positive, traders should monitor key support and resistance levels for potential entry and exit points. However, it’s crucial to remember that the crypto market’s volatility requires a balanced approach to risk management.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to ex
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