The Internet Computer price is trading at $19.22 as of 2:00 am EST, up 14% over the last 24 hours.
ICP rose rapidly from a low of $10.50 on March 20, rallying 87%, to an intra-day high of $19.76 on March 26.
The price action had formed a v-shaped recovery chart pattern on the daily chart. The Internet Computer price broke out of this pattern on March 25, producing a daily candlestick above the neckline at $15.36, confirming a bullish breakout from the governing chart pattern.
This rally saw ICP flip several key levels from resistance to support. These include the 100-day exponential moving average at $12, the 50-day EMA at $13.44, the 20-day EMA at $14.27 and the psychological level at $15.
The moving averages and the relative strength index (RSI) were moving upward. The price strength at 74 suggested that the buyers fully controlled the price.
If the uptrend continues, the bulls will push the price highest, first above the $20 psychological level and later to 25. In highly ambitious cases, the price could return $30, bringing the total gains to 96%.
ICP/USD daily chart. Source: TradingView
Supporting the positive outlook is the increase in network activity. The Internet Computer blockchain reached three billion blocks today, indicating a high activity level and robustness, reflecting its capacity to handle transactions and interactions efficiently.
3 billion blocks ✅
It’s unstoppable 🚀 #ICPhttps://t.co/In8g9JWhzc pic.twitter.com/chIwxZPJ8n
— DFINITY (@dfinity) March 25, 2024
The performance in ICP is also accompanied by a leap in trading volume. According to data from CoinMarketCap, the token’s daily trading volume has surged 50% over the last 24 hours to $640 million.
ICP’s surge reflects growing investor interest and confidence in the token, contributing to its price increase.
The renewed interest in Internet Computer is also driven by the network’s experimental integration of AI technologies. The network revealed the world’s first blockchain-based AI smart contract, which potentially signifies that AI has become a core component of web3 developments.
The Internet Computer network now enables developers to craft AI-powered applications.
From a technical perspective, the ICP is currently overbought. As such, the sellers may decide to book profits at the current levels, resulting in a correction. The token may then drop toward the pattern’s neckline at $15.36 and later revisit the EMAs.