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Internet Computer (ICP) Breaks Out From 176 Day Resistance Line

2 mins
Updated by Geraint Price
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In Brief

  • ICP has broken out from a descending resistance line.
  • There is resistance at $29.50 and $42.50.
  • ICP has broken out from a short-term ascending parallel channel.
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Internet Computer (ICP) has been increasing since Feb 24 and has broken out from both short- and long-term resistance levels.

ICP has been decreasing underneath a descending resistance line since reaching a high of $87 on Sept 6. The downward movement led to a low of 14.28 on Feb 24 (green icon). The price has been moving upwards since.

After two unsuccessful attempts, the price finally broke out (green circle) on Feb 28 and validated the line as support three days later. The price has been moving upwards since. 

The closest resistance area is at $29.50. The area had previously acted as support from June to Dec 2021. Therefore, a breakout above it could greatly accelerate the rate of increase.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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