ICP has confirmed a breakout and retest from a falling wedge, suggesting a shift in momentum.
The $5.82 resistance level is a crucial hurdle; a breakout could lead to a move toward $15.
Price action remains sensitive to broader market trends, particularly Bitcoin's influence.
Internet Computer (ICP), has recently completed a notable technical breakout from a falling wedge pattern—an event typically regarded as a bullish reversal signal. The asset has not only broken out of this formation but has also successfully retested the breakout zone, adding strength to the setup.
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However, ICP now finds itself approaching a new and potentially decisive resistance level at $5.82. Market participants are closely monitoring this area, as clearing it may open the door for further upside, potentially toward the $15 mark in the near term.
Breakout and Retest Confirmed, Eyes on Next Barrier
ICP is currently trading at $5.41, reflecting a daily decline of 2.5%. Even with the mild pullback, the main structure is still present, mainly due to the breakout from the wedge formation. In the end, the pattern led to an upside move and a successful retest of $5.41 as support instead of resistance. A positive retest usually convinces investors of continuing growth and can fuel further increase in price.
The 24-hour price range has remained relatively narrow, indicating a pause in volatility as the asset consolidates before its next move.
Key Resistance at $5.82 in Focus
The next point for ICP to break is the $5.82 resistance which has limited its gains in the last few trading sessions. Reaching above this level may signal the start of a powerful upward trend. In the world of technical analysis such levels are considered psychological thresholds and crossing them is believed to increase the number of buyers.
However, failure to overcome this level could result in a period of consolidation or even a short-term pullback, especially if broader market conditions remain mixed.
ICP Holds Steady With Potential Path Toward $15
While the technical side of ICP seems positive, market trends continue to play an important role. Compared to Bitcoin and Ethereum, the asset saw small gains, climbing 0.4% up against BTC and staying the same against ETH. According to these readings, ICP is remaining strong, yet it is not leading the overall market very widely.
If ICP surpasses $5.82, the charts point to a potential increase all the way up to $15. Even so, it’s likely that the trend will be confirmed only when there is a steady rise in both momentum and volume. Until now, the market is waiting, while ICP stands at an important point that could influence its short-term movement.
