The pressure is mounting on Internet Computer (ICP): Crypto analysis of March 14, 2024

The Internet Computer crypto is regaining its last peak at $16. Let’s look at the future prospects for the ICP price together.

Current Situation of the Internet Computer (ICP) Crypto

After reaching a high of $16.30, the Internet Computer (ICP) price fell back to the symbolic threshold of $10. From this level, the cryptocurrency rebounded and reached $14. ICP then continued this momentum by forming a bullish channel, bringing it back to its previous peak. However, it is worth noting that the liquidation areas highlighted in the analysis of February 21, 2023, have been reached and have shown buyer interest upon reaching these levels.

Unfortunately, after regaining a level of $16.3, the price of Internet Computer crypto (ICP) suffered a bearish movement that brought it back down to $11. At the time of writing this article, ICP is trading at around $14.5. This indicates that buyer interest has come to counter the newly established selling pressure. Despite the turbulence, ICP manages to maintain above its 50-day moving average, which can be reassuring for the continuation of an uptrend. As for the oscillators, they show a decrease in momentum, suggesting caution among investors.

The current technical analysis was performed in collaboration with Elie FT, an investor and passionate trader in the cryptocurrency market. Today a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. You will find Live sessions, educational content, and mutual assistance around the financial markets in a professional and warm atmosphere.

Focus on Internet Computer Derivatives (ICPUSDT)

The heat map of Internet Computer liquidations reveals that the ICP crypto has recently crossed several liquidation thresholds. Now, the most significant and closest liquidation area to the current price is slightly above its current level, between $15 and $16. Below that, it is also important to note the zones around $13, and even lower, that of $10. The price approaching these levels could trigger a massive order execution, thus increasing the possibility of a period of heightened volatility on Celestia. These zones represent crucial points of interest for investors.

The Hypotheses for the Internet Computer (ICP) Price

• If the Internet Computer price stays above $13, we could anticipate a continuation of the bullish trend up to $15 or even $16 for the crypto. If the latter is crossed, the next bullish target could be the psychological threshold of $20 or even higher at $25. At this stage, it would represent an increase of over 70%.

• If the Internet Computer price fails to remain above $13, we could consider a retreat to the range of $10 or even $9 for the crypto. In the event of a continued downward movement, the next support level to consider would be around $8. At this level, the decrease would represent about -45%.

Conclusion

The Internet Computer cryptocurrency ICP shows remarkable resilience in the face of market fluctuations, navigating between volatility and growth while maintaining a generally upward trend. This perseverance, even amid dampened momentum, demonstrates a steady confidence of buyers, which is promising for a potential technical breakout beyond $16. However, it will be crucial to closely observe the price’s reaction to the different key levels to confirm or refute the current hypotheses. It is also important to remain vigilant against potential “fake outs” and market “squeezes” in each scenario. Finally, remember that these analyses are based solely on technical criteria and that cryptocurrency prices can also evolve rapidly based on other more fundamental factors.