Internet Computer Price To Hit $17 On 77% Bitcoin-Driven Rally

Internet Computer price was on the frontlines of a Bitcoin-led rally on Friday, charging past $10. After a brief correction in Bitcoin price, support at  $64,000 allowed for re-accumulation resulting in a sharp move above the $66,000 mark.

Altcoins had woken up during the US session with Ethereum closing in on $3,500, Solana pumping to $170 while XRP reclaimed $0.56 ahead of an expected swing beyond $0.6.

ICP, the token powering the Internet Computer ecosystem, which aims to become a decentralized alternative to cloud computing giants, had topped the pivotal $10 mark after a 4% increase.

The protocol uses blockchain technology to create a network of computers that can host websites and applications, aiming for faster speeds and lower costs.

Internet Computer Price Poised For 77% Wedge Breakout

After defending support at $6, ICP made a significant rebound attracting the attention of traders who backed the uptrend earlier this week. A falling wedge pattern in the daily chart meant that Internet Computer had more potential.

A falling wedge forms when price drops between converging down trendlines. Traders look to buy if the price breaks above the wedge, expecting a trend reversal.

Lower volume during the wedge suggests buying pressure building for a potential breakout. Trading volume significantly increases after breakout.

In the case of ICP price, traders are hoping for a 77% breakout target of $17—equal to the height of the pattern.

Following the breakout, Internet Computer price traded at $10.54 but the momentum waned on encountering the 200-day Exponential Moving Average (EMA).

Currently, ICP holds between the 50-day EMA support at $9.25 and the 200-day EMA resistance at $10.59. Traders will look for the next breach of this resistance before adding to their positions.

On top of the wedge breakout, a buy signal from the Moving Average Convergence Divergence (MACD) indicator could further drive the Internet Computer price rally to the $17 milestone.

An incoming golden cross pattern will further reinforce the bullish grip. A golden cross appears when a short-term moving average decisively crosses above a long-term one.

This signals a potential trend shift from down to up. Traders might buy after the cross, aiming to capture the potential price increase. A golden cross often signals a medium-term to long-term bullish outlook.

Conversely, if ICP closes the day before the $10 pivotal level the uptrend to $17 could take a breather, allowing for re-accumulation before the next major move. In such a case, support at $8 and $6 will come in handy to reduce the impact of the correction.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.