Internet Computer Price Analysis: ICP Bulls Launch Strong Assault Against Bears, Closing The Gap To $100

Last Updated August 10th 2021
2 Min Read
  • Internet Computer explodes past $70, outperforming other altcoins.
  • ICP spikes 21% as Bitcoin, and Ethereum uptrends stall on the second day of the week.
  • A golden cross pattern hints at the breakout to $100 gaining traction in the coming sessions or days.

Internet Computer is among the few crypto assets in the market, posting double-digit gains on Tuesdays. The bullish wave across the market over the weekend fizzled out on Monday for most digital assets.

Bitcoin stepped above $46,000, but this was short-lived, resulting in a correction to $45,000. At the time of writing, Bitcoin bulls try their best to surmount the bearish pressure at $46,000. Ethereum is back to trading above $3,000, but the barrier at $3,200 stands in the way of the expected liftoff to $4,000.

Meanwhile, Internet Computer bulls are outperforming themselves on Tuesday with gains of more than 21%. The token trade at $75 at the time of writing, while bulls look forward to closing the gap to $100.

Can Internet Computer Price Sustain Uptrend To $100?

The odds for a bullish awakening are high in ICP’s market. Realize that the Relative Strength Index (RSI) has held the position within the overbought region for at least five days in a row. With the RSI still pointing upward, it shows that bulls have the upper hand, and investors can expect another leg up, perhaps a break above $80.

As Internet Computer began rising, a golden cross formed within its 12-hour chart. This technical pattern developed when the 50 Simple Moving Average (SMA) crossed above the 100 SMA.

Many prominent technical analysts see this pattern as one of the most definitive buy signals that could start a bull run. Hence, its appearance on ICP’s chart supports the bullish narrative aiming for $100 in the near term.

ICP/USD 12-hour chart

 ICP/USD 12-hour chart 081021

According to on-chain data by Santiment, an uptick in social media-related mentions indicates increased investor interest. With the chatter surrounding Internet Computer rising, momentum for a breakout is bound to soar.

However, investors should be aware that a high social volume is not a long-term bullish signal. Often a correction follows as the sentiment flips negative amid the rush by holders to cash out for profit. Therefore, it calls for caution as the price makes way to $100.

Internet Computer Social Volume Soars

 Internet Computer Social Volume Soars 081021

A break above $80 remains crucial for gains heading to $100 and will augment the bulls’ influence. At the same time, higher support, preferably above $70, will ensure that corrections are kept in check, thus limiting extended losses.

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