Internet Computer (ICP) Price Pumped 35% This Week, Here's Why

The price of Internet computer ICP started to recover with the general crypto market at the beginning of July. It found a bottom at around $5.85 and has been recovering steadily.

The price of Internet Computer (ICP) has soared by 35% this week, fueled by a breakout from a descending trendline pattern and positive sentiment in the market.

ICP began to recover with the broader crypto market at the start of July, forming a bottom at $5.85 and rallying steadily since then. The token has clocked a 77% price gain so far.

A closer look at the ICP price chart reveals a breakout from a 4-month descending trendline resistance, with strong buying pressure evident in the high trade volumes (long candlesticks) at this level. The bulls then managed to keep the price above this breakout point, even as the ICP price retested the level the next day.

This breakout now paves the way for a continuation of the uptrend, with the 50-day moving average also positioned below the price, ready to act as support against further declines. If it holds, it could provide an additional boost for the bulls to push the price up.

Moreover, the relative strength index (RSI) value is at 61, indicating that the price is retracing after a strong rally. If ICP finds strong support at this level, we could see another leg up in the coming days.

As reported by Capital Altcoin, ICP’s partnership with the United Nations (UN) also created positive sentiment around the blockchain.

The two parties are collaborating to help more people access banking and money services using Web3 technology. The UN plans to integrate the ICP blockchain into its digital ID system, aiming to enhance its efficiency and bolster trust in digital services to facilitate broader economic participation.

The project will be tested initially through a small trial program in Cambodia.