Internet Computer Protocol launched during the bull run and took the market by storm. The cryptocurrency reached for the moon right after launching. However, concerns about the network soon emerged and it fell drastically. ICP has been giving a subpar performance ever since. However, the bullish momentum appears to be picking up the pace for cryptocurrency in the recent timeframe. At the time of writing, Internet Computer Protocol stands at a price level of $46.13. The price has moved upwards by 15% in the past twenty-four hours and the weekly performance is also a positive change of 15%. The daily trading volume has shot up by 180%.
Technical analysis
The market sentiment for Internet Computer Protocol is bullish. Twelve of the total twenty-two technical indicators are giving out an indication of buy. Nine indicators of the rest are standing at a neutral position and only one indicator is bearish with a sell signal. Both the Oscillators and Moving Averages are bullish.
Internet Computer Protocol had been operating with a descending resistance line; however, the resistance was broken amidst bullish momentum in the market. The resistance line has turned support for ICP. The recent candles are all bullish for the cryptocurrency – suggesting the strengthening of the bulls. The next major resistance for cryptocurrency has been identified at the price level of $50.22. If the bullish momentum does not last for the Protocol then the cryptocurrency can find support at $25.
Can bullish momentum rise for Internet Computer Protocol?
ICP had been suffering; however, the recent shift in the technical may suggest a positive outlook for the cryptocurrency. The price had been moving downwards with high volatility. But despite the bearish outlook, the usership has been rising on the network. In ten weeks after launch, ICP has attracted 500 developers and 250,000 users. The surging activity on the network may suggest a bright future.
