ICP Bulls Set to Explode: Can They Smash Through the $10 Barrier?

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Hold onto your hats, folks! The ICP price is on a wild ride, and it’s retesting last month’s critical low of $10. This is no ordinary level—it’s a major hurdle that could either make or break the bulls. The excitement is palpable, with a staggering 25% spike in trading volume to $158.24 million in just 24 hours.

The Internet Computer token is bouncing back from its 52-week low of $6, skyrocketing over 60% in just two weeks. Now, it’s staring down its next big challenge: the $10 mark, right in the treacherous 200-day EMA zone.

The Battle at $10: Bulls vs. Bears

Buyers have been snapping up Internet Computer token at rock-bottom prices, but now they face a fierce showdown at $10. Short-term indicators suggest a slight dip might be around the corner, hinting at a potential rejection. Yet, the token is holding strong above the 20-day and 50-day EMAs, signaling underlying strength. But beware—the 200-day EMA is a formidable obstacle, and the bears are circling, ready to strike around the $10 mark.

As of now, ICP is trading at $9.660, showing a modest 1.36% intraday rise, reflecting a neutral stance on the charts. With a monthly return of 10.20% and an impressive 140.20% yearly return, ICP is definitely on an upward trajectory. The ICP/BTC pair stands at 0.000153 BTC, and the market cap is a hefty $4.65 billion. Analysts are playing it cool, suggesting ICP could gather steam if it closes above the $12 mark. Ranked 26th by market cap with a total supply of 521.20 million, ICP’s volume-to-market cap ratio sits at 0.0326.

Can ICP Overcome the 200-Day EMA?

Despite breaking its downward trendline at $9, ICP is still struggling to conquer the $10 zone, where the 100-day and 200-day EMAs are camped. Until it clears this crucial level, significant resistances might block its path, leading to potential price consolidation.

The RSI curve has hit the overbought zone, signaling a possible dip. But don’t count ICP out just yet—the trend reversal is still on, and a fresh higher high has been noted. On-chain metrics paint a rosy picture, with a 4% spike in weighted sentiment and a 3% rise in social dominance, indicating a favorable upside.

Total liquidations show long positions at $284k and shorts at $10k, highlighting that investors are eager to lock in their gains, potentially shifting market dynamics. Immediate support levels for ICP are $9.20 and $8.80, with key upside hurdles at $10.20 and $11.80.

Will ICP Maintain Its Momentum?

ICP has climbed above the 20-day and 50-day EMAs, reaching the all-important 200-day EMA. Short-term indicators are flashing a positive crossover, suggesting a trend reversal. If ICP can break through the $10 barrier, a massive short-covering rally could propel it toward $12, setting the stage for an exhilarating run.

The anticipation is electric. Will the bulls triumph and push ICP to new heights, or will the bears seize control? Investors are on the edge of their seats, watching as ICP approaches this pivotal moment.