On Wednesday, September 23, Bitcoin [BTC] saw a brief pullback from $87.3kthat sent the leading crypto down to $82.9k. This dip has since begun to recover.
Source: Coinalyze
Internet Computer [ICP] did not see much of a price dip in recent days, and has pushed higher by 7.1%in the past 24 hours. Its Open Interest was up by 8.4% in 24 hours, too, signaling bullish short-term conviction amongst speculators.
The spot CVD has not begun to recover despite the price gains, and the funding rate was in negative territory. It indicated that the majority of derivatives market participants were leaning bearishly and expecting a local top.
This might set up the conditions for a short squeeze in the coming days. Can this propel ICP crypto beyond the June highs？
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ICP cryptos monthly trendline breach shows bullish intent
Source: ICP/USDT on TradingView
On the monthly chart, there was a trendline resistance level [dotted white] that has been tested thrice since 2024. A monthly session close above this trendline has not occurred in nearly three years.
With just five days left for the monthly close, it appeared unlikely that ICP crypto would fail to beat the trendline by falling back below $2.15.
However, the higher timeframe price chart highlighted the persistent downtrend.
Traders call to action- Stay bullish
ICP crypto is beginning to do well, but it would still be extremely difficult to beat the long-term downtrend. The altcoin is down 99.58%from its $750all-time high and has a market cap of $1.77 billion.
Source: ICP/USDT on TradingView
Nevertheless, ICP has managed to trend higher since August. The $2.40 and $2.62resistance levels have been breached. The move past $2.4flipped the daily swing structure bullishly.
From there, combined with the recent crypto market-wide enthusiasm, ICP crypto has managed to rally to the late-May highs around $3.20.
A daily session close above $3.23would signal a bullish continuation, but swing traders and investors should also be prepared for a pullback toward $2.61-$2.75.
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Final Summary
- ICP crypto has been a consistently bullish performer since August, rallying 60.4% in just under two months.
- The $3.20 supply zone was being tested, and another breakout could be possible, given the strong demand behind the altcoin.