Internet Computer (ICP) Price Breaks Out of Wedge Pattern, Rally to $20 Possible

Since the weekend, Internet Computer has been at the forefront of the bullish wave sweeping throughout the cryptocurrency market.

Internet Computer has been leading the bullish wave sweeping through the cryptocurrency market since the weekend. ICP showed a spectacular 10% increase in just twenty-four hours, reaching a price of ten dollars on Monday, thanks to a skyrocketing trading volume and a growing market value.

After a string of horrific weeks marked by significant losses, investors are finally sighing relief. Bitcoin plunged below $60,000 and extended the downward leg to $56,000 due to selling pressure from the German government, as reported by Coingape.

Moreover, the insolvent Mt. Gox exchange began distributing Bitcoin and Bitcoin Cash payments to its creditors through the trustee, which added to the pressure on the trading market.

On the other hand, inflation in the United States is decreasing, and the Federal Reserve is progressively getting closer to its target of 2% inflation, according to June's Consumer Price Index (CPI) data. Despite the seemingly unwavering stance, the report confirmed that investors had anticipated a reduction in the first-rate interest. This is a positive development.

A Breakout of the Wedge Pattern for the Internet Computer Price

ICP continued to move in a downward direction within the constraints of two trend lines that were getting narrower after reaching a high of more than $20 in April. This allowed bulls to keep selling in check while the upper trendline prevented upward movements. The lower trend line served as support, helping bulls to hold sellers in check.

The price of Internet Computers eventually found support at $6 after continuing its downward spiral, which came to the bulls' rescue. A comeback from this level to $10 coincided with this upward trend, as the market has exhibited a general positive tendency since the weekend.

A more significant breakout is likely to occur after the formation of a falling wedge pattern. ICP is already located above several crucial levels, beginning with the 20-day Exponential Moving Average (EMA), the 50-day EMA, and, most crucially, the wedge pattern.

Traders who placed purchase orders above the 50-day exponential moving average (EMA) or above