CandleFocus Breakout Alert! Internet Computer (ICP) Price Jumps 14%, Eyes on $11 Target
2024-09-10
Author: Content Editor
The price of Internet Computer (ICP) could potentially increase by 25% to reach $11 if it closes a daily candle above $9. The open interest for ICP has increased by 21%, suggesting more futures-long positions have been established in the past 24 hours. This positive long/short ratio and rising future open interest indicate potential buying opportunities. ICP has recently experienced a surge in price and trading volume, signaling increased investor and trader participation in the ongoing price recovery. Despite trading below the 200 EMA, technical analysis suggests that ICP appears bullish. If ICP can break through strong resistance at around $8.9 and close a daily candle above $9, there is a strong possibility of a 25% increase to $11. This bullish outlook is supported by on-chain metrics, such as the positive long/short ratio and steady increase in futures open interest, indicating potential buying opportunities. However, the bullish thesis is contingent on the price closing above $9; otherwise, it may fail.
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