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ICP Price Analysis: ICP Token Price Rises More Than 50% As The Token Becomes Socially Active

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  • ICP Token price gained more than 50% in 48 hours as the buying volume suddenly bursts.
  • The token price has breached the 20 and 50 EMA and struggles to rise above the 100 EMA in the 4-hour timeframe.
  • The ICP/BTC pair is trading at 0.001273 BTC with an intraday growth of +38.29%.
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ICP Token price recently found huge demand after consolidating near the $30 mark. The coin price repeatedly made Doji candlesticks with long tails projecting the build-up in underlying bullish sentiment,

ICP Token trades at $44.27 and dominates 0.44% of the crypto market. Furthermore, the coin price gained more than 250% rise in intraday trading volume in the past 24 hours resulting in more than 40% growth in market cap. 

The Internet Computer is the world’s first blockchain that runs at web speed with boundless capability. It embodies the third major blockchain reform, alongside Bitcoin and Ethereum — a blockchain computer that computes smart contract computation and data runs them at web speed, processes, stores data efficiently, and provides powerful software frameworks to developers. 

The Internet Computer provides a revolutionary new way to build tokenized internet services, pan-industry platforms, decentralized financial systems, and even traditional enterprise systems and websites.

Increase In Social Volume Results Positive For ICP Token Price 

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ICP token price observed a rise in social volume by 16%, and the social engagement gained more than 100% as the twitter volume rose by 17% and Reddit volume increased by 42%.

The coin price moves below 200 EMA and 100 EMA; however, the coin price has breached the 50 and 20 EMA projecting the rise in bullishness. However, Investors may soon see the price reverse from the 100 EMA as the price volume weakens.

The relative strength indicator generates a bearish signal as the slope falls after reaching the oversold zone and heads with a negative slope. ADX indicator implies a rise in trend momentum as the ADX rises with a positive slope and moves higher.

Conclusion: ICP coin price is facing bearish opposition from 100 and 200 EMA projecting a downfall shortly. Investors may find it beneficial to hold on to their chips before entering a socially induced uptrend as it can abruptly reverse with no warning signals. 

Support  – $33

Resistance – $51