The ICP coin price action shows a rise in bullish momentum within the falling wedge pattern, indicating a possible breakout jump of 60%. The aim of the Internet Computer is to extend the internet’s reach, which means it could also become the most powerful computing platform on the planet. Nowadays, the internet is a network that connects all and everything. However, it is currently operating using the private infrastructure. Let us move ahead to read about the Internet Computer technical analysis. Past Performance of ICP The ICP coin price has grown more than 60% in the past three weeks with the breakout of the double bottom pattern. Moreover, the price action approaches the resistance trendline of the wedge pattern. Therefore, traders can shortly find the price overcoming the selling pressure at the resistance trendline. ICP/USD Daily Chart ICP Technical Analysis The ICP coin price jumped more than 15% in the past 24 hours, indicating a rise in the underlying bullishness. The recent bullish engulfing candle forming in the daily chart increases the chances of an upside breakout of the wedge pattern. The coin price breaks above the 50-day EMA in the daily chart, and the price approaches the 100-day EMA. The price action indicates resistance at $55 and $80 above the 100-day EMA. The support levels are at $28 and $20 below the 50-day EMA. The RSI indicator at 60% shows the slope rising higher into the nearly overbought zone in the daily chart. Moreover, the support from the 14-day SMA helps maintain an uptrend. The MACD indicator shows the MACD and fast lines rise above the zero line in the daily chart. The rising trend in the bullish histogram shows a rise in underlying bullishness. Upcoming Trend The ICP coin price action shows increased chances of a bullish breakout of the wedge pattern in the daily chart. Therefore, the upcoming trend has a high possibility of being extremely bullish. The price action indicates the bull run to $55 upon the breakout of the resistance trendline. Therefore, traders can find a buying opportunity to cover a 60% price jump.
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