Buy internet computing token on a retracement as price remains very bullish

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  • Internet Computer Protocol Token Shifts After Latest Win
  • The Token Gains Growing Prospects From Web
  • ICP is a buy, but investors must wait for the current retracement to resolve

Internet Computer Protocol ICP/USD follows. 24-hour losses are 8.15% as investors take profits. However, that is only a correction as the token still has a great gain of 24.35% for the past week. The latest drop is an opportunity for buyers, with up to 40% upside potential.

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While we cannot determine how long the improved crypto sentiment will last, ICP remains on track towards $10. This is confirmed by the latest price developments, which show that ICP has broken out above a key level. The price was driven by momentum as most cryptocurrencies rose. In particular, the projected Ethereum merge has boosted the tokens exposed to web3.

ICP Pulls Back After Impressive Week With Potential To Roll Back At $7.0

Source – TradingView

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Technically, ICP moves on a system of higher tops and higher tops. The token has reached a weekly high of around $9.7. The weak high coincided with overbought as the RSI reached 72. That suggests that ICP buyers took profits at the same level.

At the current price of USD 7.7, ICP is correcting and is on track to find support near USD 7.0. Alternatively, the token may find support where the price crosses the moving averages. Investors should be excited about those levels for a possible bullish reversal. Buy trades should target $10.6 as the next resistance for ICP.

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closing thoughts

ICP is very bullish despite the current correction. The token can continue to slide but is supported at $7.0. ICP buyers should consider buying lower as investor interest remains high. The token will find resistance slightly above $10.

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