The Internet Computer (ICP) market is showing signs of a potential bullish breakout, according to crypto analyst Clifton Fx. Observing the 6-hour timeframe, Clifton Fx identified a falling wedge formation, a pattern often indicative of an upcoming upward trend.
The analysis suggests that if the ICP breaks out of this wedge, it could experience a significant bullish wave. Specifically, Clifton Fx anticipates a potential 10.49% increase, propelling the price to around $13.254.
Besides, this forecast comes as ICP has been consolidating within the wedge pattern for several sessions, setting the stage for a possible upward movement. The falling wedge pattern is characterized by a downward-sloping price movement bounded by two converging trendlines.
Additionally, the recent price action supports this bullish outlook. The lower trendline has been tested multiple times, indicating strong support around the $11.70 level. Consequently, a breakout above the upper trendline could confirm the bullish scenario, leading to a significant price rally.
Moreover, the breakout from the falling wedge pattern is supported by increased trading volume, which often accompanies such moves. This volume spike indicates strong buying interest, reinforcing the bullish outlook for ICP.
Forbes Unveils 20 Crypto ‘Zombies’: Are STX, ICP, FTM, ADA, and EOS Doomed?Looking at Internet Computer’s current market performance, ICP exhibits a bullish trend as the bulls take control. Recently, ICP has been trading on a descending channel, declining by 2.75% and 6% on the weekly and monthly, respectively.
As of press time, ICP is trading at $12.02, up more than 1% in the past 24 hours. The market capitalization has climbed to $5.58 billion. However, the trading volume has seen a significant decline of 15%, with a value of $68 million suggesting a decrease in investor interest.
