Internet Computer Protocol ICP/USD is retracing. 24-hour losses stand at 8.15% as investors take profits. However, that is just a correction as the token remains with a superb 24.35% gain in the past week. The latest drop is an opportunity for buyers, with up to 40% upside potential.
While we can’t ascertain how long the improved crypto sentiment will last, ICP remains on course to $10. That is confirmed by the latest price trends, which show that ICP has broken above a key level. The price has been driven by momentum as most cryptocurrencies surged. In particular, the projected Ethereum merge has been boosting tokens exposed to web3.
Source – TradingView
Technically, ICP has been moving on a system of higher highs and higher lows. The token has set a weekly high of around $9.7. The weakly high coincided with overbought conditions as the RSI touched 72. That suggests that ICP buyers took profit at the level.
At the current price of $7.7, ICP is correcting and on its way to finding support at $7.0. Alternatively, the token could find support where the price intersects with the moving averages. Investors should be keen on those levels for a potential bullish reversal. Buy trades should target $10.6 as the next resistance for ICP.
ICP is very bullish despite the current correction. The token could slide further but will get supported at $7.0. ICP buyers should consider buying lower as investor interest remains strong. The token will find resistance slightly above $10.
The post Buy Internet Computer token on a retracement as the price remains very bullish appeared first on CoinJournal.
