ICP Breaks Out of the 176-Day Resistance Line

As of Feb. 24, Internet Computer (ICP) has broken clear of both short-term and long term resistance levels.

Conclusion

  • If you look at the graph below, you can see that ICP has broken out of its resistance line.
  • People don't want to pay $29.50 and $42.50.
  • ICP has broken out of a short-term ascending parallel channel that it has been in for a long time now.

There has been a descending resistance line since ICP hit a high of $87 on Sept. 6. ICP has been dropping below the line since then.

On February 24, the number fell to 14.28. (green icon). Since then, the price has been going up. On Feb 28, the price finally broke out (green circle), and three days later, it confirmed that the line was a good place to stop three days later. Since then, the price has been going up.

The next area of resistance is at $29.50. The area had been used as support from June to December of 2021. Because of this, a breakout above it could speed up the rate of growth a lot.

icp daily chart
Source: TradingView, Beincrypto

ICP starts.

Because both the RSI and the MACD are rising, this means that the upward movement will continue.

In addition, both made very big bullish divergences before the upward movement started.

If ICP can break out of the $29.50 resistance area, the next resistance would be at $42.50. This is the 0.382 fib retracement resistance level and a horizontal area that is also a resistance level.

icp
Source: TradingView

When you look at the two-hour chart, you can see that ICP has already broken out of a short-term rising parallel channel.

It might return to $21.50 (green circle) to show that it is a good place to stop before going up again.

icp 2 hour chart
ICP 2hour chart; Source: TradingView

A wave count is done.

@XForceGlobal, a cryptocurrency trader, tweeted a chart of ICP and said that the price could rise to $80.

icp wave

It looks like ICP has finished a five-wave down move from the September highs (black). Between November 2021 and March 2022, it also made a downslope wedge in that time.

Due to the length of this downward movement and the breakout that came after, a big retracement is likely.

icp
Source: TradingView

If so, ICP could go from $51 to $59 in that area. This is the 0.5 – 0.618 fib retracement resistance level and a horizontal area that is also a strong place to keep your eyes on.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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