ICP Closes the Yr with a 30% Soar: Value Targets $14

• ICP elevated by 29.10%, decoupling from the broader market development.
• ICP fashioned a bullish pennant, triggering a break by way of the $10.15 resistance.
• The cryptocurrency might hit $14 if it maintains the present momentum.

At a time when most cryptocurrencies had been both consolidating or experiencing main declines, Web Pc (ICP) defied the development. In line with CoinMarketCap, the ICP value elevated by 29.10% within the final 24 hours.

This improve implied that the cryptocurrency whose worth has hit nearly 3x within the final 90 days might be the best-performing asset within the final days of 2023. 

Nevertheless, the surge won’t be a shock to ZAYK Charts, an analyst on X. On December 30, ZAYK posted that ICP had fashioned a bullish pennant on the 4-hour chart.

ICP Flips the $10.15 Resistance

A bullish pennant sample happens when an asset consolidates between converging assist and resistance strains earlier than making a robust upward transfer. After figuring out the sample, the analyst concluded that ICP may make a 20% to 30% improve.

At press time, ICP’s value was $12.95. From Coin Version’s remark of the 4-hour ICP/USD chart, bulls had defended the $9.14 assist on December 29. In consequence, the cryptocurrency printed a robust inexperienced candle.

The candle additionally performed an important function as ICP broke the $10.15 which had stored it in consolidation between December 20 and 28. Moreover, indicators from the Relative Power Index (RSI)  confirmed that ICP’s momentum would possibly stay bullish going ahead.

This was as a result of the RSI studying, regardless of being overbought has not led to a value reversal. The constructive divergence was additionally apparent in ICP’s value motion. This was as a result of non-appearance of any pink candle as the worth crossed the $10.15 resistance.

$14 May Be Subsequent In Line

Ought to the place stay the identical, then ICP would possibly add one other 10% improve within the brief time period. If this occurs, the worth would possibly head towards $14. This potential was additionally confirmed by the Chaikin Cash Movement (CMF).

As of this writing, the CMF had crossed into the constructive area. Additionally, because the studying was nonetheless lower than 0.20, ICP would possibly proceed trending to the upside.

One other indicator thought-about is the Open Curiosity. In line with Coinglass, ICP’s Open Curiosity elevated by 84.58% within the final 24 hours. This improve was proof that merchants had been capitalizing on the worth motion for potential features.

Regarding the value, the Open Curiosity improve means there was energy backing the uptrend. Because the CMF indicated, the Open Curiosity additionally supported a transfer to $14. Nevertheless, this may solely be the case if market individuals don’t begin reserving income.