Internet Computer (ICP) Price Could Soar by 25% to the $11 Level

ICP's open interest has increased by 21%, indicating more futures-long positions have been built in the last 24 hours.

Internet Computer (ICP) price could soar by 25% to the $11 level if it closes a daily candle above $9.

ICP's open interest has increased by 21%, indicating more futures-long positions have been built in the last 24 hours.

ICP’s positive long/short ratio and rising future open interest signal potential buying opportunities.

On September 11, 2024, Internet Computer (ICP) made waves in the cryptocurrency market with its impressive price performance. However, based on its chart and price action, it appears that ICP is just one step away from a potential 25% rally.

Let's take a closer look at ICP's recent price movement and upcoming levels to watch.

ICP Price 1 Step Away from 25% Potential Rally

At press time, ICP is trading near $8.8 level and has experienced a price surge of over 15% in the last 24 hours. Meanwhile, its trading volume has increased by 60% during the same period, indicating higher investors and traders participation amid the ongoing price recovery.

From the daily chart below, we can see that ICP is trading below the 200 Exponential Moving Average (EMA) and has encountered strong resistance near the $8.9 level.

This is the second time since the beginning of August 2024 that the ICP price has reached that resistance level. The last time ICP reached that level, it encountered significant selling pressure, which led to a steep price decline of nearly 20%.

However, this time, trader and investor participation is different, and the sentiment has shifted, increasing the likelihood that ICP could finally break out this resistance level.

If ICP breaks out and closes a daily candle above $9, there is a strong possibility it could soar by 25%, reaching the $11 level in the coming days.

This bullish thesis is only valid if the ICP price closes its daily candle above $9, otherwise, it may fail.

Internet Computer Bullish Outlook Supported By On-Chain Metrics

Furthermore, Internet Computer’s (ICP) bullish outlook is also supported by on-chain metrics.

According to Coinglass, the ICP Long/Short ratio is currently at +1.019, which reflects bullish market sentiment.

Additionally, ICP's futures open interest has increased by 21%, indicating more futures-long positions have been built in the last 24 hours.

This can be seen in the chart below from Coinglass, where the futures open interest has been steadily increasing (shown by the green line in the chart).

At the same time, the futures long positions also indicate a positive trend, with more traders and investors building long positions on ICP futures (shown by the blue line in the chart).

Usually, when the futures open interest is positive and traders are building long positions, it signals potential buying opportunities in the market. Traders and investors often take this into consideration while building long/short positions.