The price of the Internet Computer (ICP) cryptocurrency has experienced selling pressure and declined by around 60%. However, recent on-chain metrics and positive signs have led to a bullish outlook from traders. The ICP price has risen by 27% in the past three days and has defended key support levels. The burn rate of the ICP token has also increased, boosting its price. Currently trading at $8.69, the ICP price is heading towards the 200-day exponential moving average (EMA), and if it can overcome this resistance, buying momentum could be sustained. However, if the price falls below the 20-day EMA and significant support level of $6.50, it would be a bearish signal. The Relative Strength Index (RSI) and moving average convergence divergence (MACD) indicators also support a bullish outlook for ICP. Overall, recent developments suggest that the ICP price has the potential to continue its upward momentum.



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