The ICP coin price action gives a bullish breakout of the falling channel unleashing the trapped momentum that can reach $55. Internet Computer Internet Computer is the world’s first blockchain operating at high speed on the internet with no limit to capacity. It claims to be the third major innovation in blockchain in addition to Bitcoin along with Ethereum. It’s a blockchain computer that scales the computation of smart contracts and also data storage operates at the speed of a web browser. It processes and stores data with efficiency and offers robust software frameworks for developers. Let us move ahead to read about ICP technical analysis. Past Performance of ICP The ICP coin price has grown almost 25% in the past three days resulting in the breakout of the falling channel pattern. Moreover, the price action approaches the resistance level at $39. Therefore, traders can shortly find the price to give a breakout entry opportunity. ICP/USD Daily Chart ICP Technical Analysis The ICP coin price seems to have overcome the short-term downtrend with the breakout of the falling channel. Moreover, the growth of 10% in market cap on January 9th resulted in the bullish engulfing candle. Therefore, a rise in trend momentum is evident by the price action. The coin price breaks above the 50-day EMA in the daily chart and the price approaches the 100-day EMA. However, the EMAs maintain a bearish alignment which can reverse if the price sustains above the 200-day EMA. The price action indicates resistance at $55 and $80 above the resistance level at $40. The support levels are at $28 and $20 below the falling channel. The RSI indicator at 66% shows the slope maintaining a gradual rise in the nearly overbought zone. Moreover, the 14-day SMA maintains a parabolic growth. The Stochastic RSI indicator shows the K and D line rising higher in the overbought zone after the recent bullish crossover. Upcoming Trend The ICP technical analysis shows an increase in underlying bullishness with the rise in buying pressure. Therefore, the coin price can shortly reach $55 upon the breakout of $40.
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