Internet Computer Price Soars 34% on Inflation Proposal Support
- Price Surge: Internet Computer (ICP) rallied nearly 34% on Thursday to reach $4.78, extending its weekly gains to 45% and nearly 79% year-to-date, indicating strong market rebound and renewed investor confidence.
- Inflation Mitigation Plan: The DFINITY Foundation's whitepaper, dubbed 'Mission 70', proposes measures to reduce inflation by at least 70% by year-end through cuts in voting and node rewards, laying a foundation for ICP's long-term growth.
- Supply Shock: The total balance of ICP tokens across all exchanges has dropped 63% in the past 24 hours, indicating that both whales and retail investors are moving tokens to self-custody wallets, reducing short-term selling pressure and enhancing market stability.
- Technical Chart Analysis: ICP is forming a massive bullish flag pattern on the weekly chart, and if it breaks above the $7.5 resistance level, it could trigger a price surge to $10 or higher, showcasing strong upward potential.
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Technical Analysis for ICP
Technical Sentiment Analysis for Internet Computer (ICP) As of , Internet Computer (ICP) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ICP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ICP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Internet Computer (ICP) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1.002 | 1.501 | 2.022 | 2.521 | 3.042 | 3.541 | 4.062 |
| Fibonacci | 1.501 | 1.891 | 2.131 | 2.521 | 2.911 | 3.151 | 3.541 |
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