In the past 24 hours, Bitcoin [BTC] rallied 4.3% and briefly climbed above $82.2k. It later slipped toward $80k at the time of writing.
This uptick in price was likely because of Federal Reserve Governor Christopher Waller’s comments muddying the possible rate hike expectations.
Waller was inclined towards keeping interest rates steady at the central bank’s September meeting.
Internet Computer [ICP] also rose 2.5%, following the market-wide price bounce. Measured from the low of $1.99 made on the 1st of August, ICP was up by 27.7% in just over a month.
Can ICP crypto make a bullish comeback?
Though the altcoin kept pace with Bitcoin, it has been in a long-term downtrend stretching back to April 2024. ICP is down 99.6% from its all-time high of $700 made in May 2021.
A Taurex report highlighted how ICP crypto is the weakest among 60 cryptos in terms of price performance. Almost every investor is facing significant losses, making each sizeable price rally more likely to be sold.
Crypto influencer SkyV observed that the “dino coin” had consolidated around the $2 region for months. ICP also broke its descending trendline resistance, potentially opening a path toward $7.20.
Such prolonged consolidation can produce sharp expansions when capital rotates from Bitcoin into altcoins.
However, that larger target remains speculative while several overhead resistance levels remain intact.
Traders’ call to action- A bullish bias for the coming weeks
ICP breached July’s $2.40 high several weeks ago and flipped the former supply zone into demand. At the time of writing, the 12-hour chart showed a bullish market structure.
The $2.62 level is an immediate resistance zone to watch out for. If it is breached, the $2.80 and $3.20 area becomes the next bullish target.
The flip of the $2.40 area in the second half of August was an encouraging development. If Bitcoin can keep its momentum going, ICP crypto would also be likely to continue its bullish momentum.
Final Summary
- ICP crypto has been consolidating around the $2 area since February, but could be ready for a bullish expansion.
- Though it has exhibited good momentum in recent weeks, extended price rallies will likely result in aggressive profiit-taking and holder exits.
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