ICP Closes the 12 months with a 30% Soar: Value Targets $14

• ICP elevated by 29.10%, decoupling from the broader market development.
• ICP fashioned a bullish pennant, triggering a break by the $10.15 resistance.
• The cryptocurrency might hit $14 if it maintains the present momentum.

At a time when most cryptocurrencies had been both consolidating or experiencing main declines, Web Laptop (ICP) defied the development. In accordance with CoinMarketCap, the ICP value elevated by 29.10% within the final 24 hours.

This improve implied that the cryptocurrency whose worth has hit nearly 3x within the final 90 days might be the best-performing asset within the final days of 2023. 

Nonetheless, the surge may not be a shock to ZAYK Charts, an analyst on X. On December 30, ZAYK posted that ICP had fashioned a bullish pennant on the 4-hour chart.

ICP Flips the $10.15 Resistance

A bullish pennant sample happens when an asset consolidates between converging help and resistance strains earlier than making a powerful upward transfer. After figuring out the sample, the analyst concluded that ICP might make a 20% to 30% improve.

At press time, ICP’s value was $12.95. From Coin Version’s remark of the 4-hour ICP/USD chart, bulls had defended the $9.14 help on December 29. In consequence, the cryptocurrency printed a powerful inexperienced candle.

The candle additionally performed a vital position as ICP broke the $10.15 which had stored it in consolidation between December 20 and 28. Moreover, alerts from the Relative Power Index (RSI)  confirmed that ICP’s momentum would possibly stay bullish going ahead.

This was as a result of the RSI studying, regardless of being overbought has not led to a value reversal. The optimistic divergence was additionally apparent in ICP’s value motion. This was as a result of non-appearance of any purple candle as the value crossed the $10.15 resistance.

$14 May Be Subsequent In Line

Ought to the place stay the identical, then ICP would possibly add one other 10% improve within the brief time period. If this occurs, the value would possibly head towards $14. This potential was additionally confirmed by the Chaikin Cash Movement (CMF).

As of this writing, the CMF had crossed into the optimistic area. Additionally, for the reason that studying was nonetheless lower than 0.20, ICP would possibly proceed trending to the upside.

One other indicator thought of is the Open Curiosity. In accordance with Coinglass, ICP’s Open Curiosity elevated by 84.58% within the final 24 hours. This improve was proof that merchants had been capitalizing on the value motion for potential features.

In regards to the value, the Open Curiosity improve means there was energy backing the uptrend. Because the CMF indicated, the Open Curiosity additionally supported a transfer to $14. Nonetheless, this is able to solely be the case if market individuals don’t begin reserving income.