Can ICP's Whales Propel It Past the $3 Mark Following a 10% Daily Rise?

As of late, the Internet Computer (ICP) has been experiencing a steady climb, closing higher for four consecutive days after bouncing back from a low point around $2. The altcoin recently peaked at $2.7, marking a three-week high before retracting slightly.

Key Takeaways

ICP has been on an upward trend, reaching $2.7 after a rebound from $2.
The altcoin currently stands at $2.5, having gained 10.7% over the last day.
Whale activity has increased around the $2.4 mark, indicating strong market support.
ICP is testing resistance at $2.7; a close above this level could push it towards $3.
If selling pressure increases, there may be a support level at $2.2.

Assessing if ICP's whales can help it flip $3-level after 10% daily hike

Currently, ICP is trading at $2.5, reflecting a daily increase of 10.7% and building on its weekly gains. This price surge has allowed ICP to break out of a downward trend, showing a strong upward movement.

Additionally, ICP has surpassed its short-term Exponential Moving Average (EMA20) at $2.4 and is now testing the EMA50 at $2.7, indicating robust bullish momentum.

Renewed Demand from Whales for Internet Computer

Following its rise to $2.4, investor activity, particularly from 'whales,' surged as they aimed to maintain elevated price levels. Notably, data from Cryptoquant revealed a significant increase in large whale orders at the $2.4 level.

Internet computer Spot average order size

This data indicates that whales have intensified their market activity over the past three days. Additionally, when the price dipped to $2.3, these large investors stepped in to support it.

This behavior suggests a positive sentiment among whale investors, who recognize these price points as essential for preserving upward price momentum. Their actions have helped maintain ICP above $2.4, solidifying it as a key demand threshold in the market.

Meanwhile, overall demand in the spot market has also seen a recovery, as shown by the Spot Taker Cumulative Volume Delta (CVD). This metric indicates that buyers primarily dominated transactions at the $2.4 mark, and it appears that whales were primarily responsible for purchasing at this price.

Internet computer spot taker CVD

Higher demand in the spot market is generally effective in absorbing upward pressure and reducing available supply for immediate sales, which often sets the stage for further price increases.

Will ICP Cross the $3 Barrier?

The Internet Computer is displaying strong upward trends as whale-driven demand resurfaces across the market. Consequently, its positive momentum is strengthening.

Indeed, ICP has moved past its short-term moving average EMA20 at $2.4. Moreover, its Stochastic RSI has risen to 99.9, suggesting overbought conditions and indicating a demand-led upward shift on the price charts.

ICP Stoch RSI & EMA

When momentum indicators like the Stochastic RSI show such bullish patterns, they often indicate the potential for trend continuation if the upward pressure is maintained. Therefore, if demand from buyers, especially whales, continues, ICP could see further price gains.

Currently, the altcoin is testing the EMA50 at $2.7. If it manages to close above this level on a daily basis, ICP could break through the $3 mark and aim for EMA100 at $3.1.

However, should the bullish momentum fail and selling pressure increase, ICP may look for support at the $2.2 level.

Conclusion

In summary, the Internet Computer is experiencing promising momentum driven by whale activity and increased demand. With key levels in play, market participants should keep a close eye on price movements and investor sentiment in the days ahead.