Internet Computer (ICP) recently completed a notable technical breakthrough from a descending wedge — an event that is typically seen as a bullish reversal signal. The asset not only broke out of this formation but also successfully retested the breakout zone, adding strength to the setup.
However, ICP is now approaching a new and potentially crucial resistance level at $5.82. Market participants are closely watching this area, as a breakout could open the door for further growth, potentially to the $15 mark in the near future.
ICP is currently trading at $5.41, reflecting a daily decline of 2.5%. Even with this slight pullback, the primary structure remains intact, mainly due to the breakout from the wedge formation. Ultimately, the pattern led to an upward movement and a successful retest of $5.41 as support instead of resistance. A positive retest usually convinces investors of continued growth and may contribute to further price increases.
The 24-hour price range remains relatively narrow, indicating a pause in volatility as the asset consolidates before the next move.
The next breakout point for ICP is the resistance at $5.82, which has capped its growth in the last few trading sessions. Exceeding this level may signal the beginning 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, failing to overcome this level may lead to a period of consolidation or even a short-term pullback, especially if broader market conditions remain ambiguous.
Although the technical side of ICP appears positive, market trends continue to play an important role. Compared to Bitcoin and Ethereum, the asset has shown slight growth, rising by 0.4% against BTC and remaining at the same level against ETH. According to these readings, ICP remains strong but is not leading the overall market in a very broad sense.
