{"id":420368,"date":"2022-03-23T15:30:10","date_gmt":"2022-03-23T12:30:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/internet-computer-eyes-50-move-as-icp-enters-falling-wedge-breakout-territory\/"},"modified":"2022-03-23T15:30:10","modified_gmt":"2022-03-23T12:30:10","slug":"internet-computer-eyes-50-move-as-icp-enters-falling-wedge-breakout-territory","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/internet-computer-eyes-50-move-as-icp-enters-falling-wedge-breakout-territory\/","title":{"rendered":"# Internet Computer eyes 50% move as ICP enters &#8216;falling wedge&#8217; breakout territory"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36ecef96539\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36ecef96539\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/internet-computer-eyes-50-move-as-icp-enters-falling-wedge-breakout-territory\/#%E2%80%9D_Internet_Computer_eyes_50_move_as_ICP_enters_%E2%80%98falling_wedge_breakout_territory_%E2%80%9C\" >&#8221; Internet Computer eyes 50% move as ICP enters &#8216;falling wedge&#8217; breakout territory &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/internet-computer-eyes-50-move-as-icp-enters-falling-wedge-breakout-territory\/#ICP_breaks_out_of_%E2%80%98falling_wedge\" >ICP breaks out of &#8216;falling wedge&#8217;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/internet-computer-eyes-50-move-as-icp-enters-falling-wedge-breakout-territory\/#Bearish_risks_remain_for_ICP_price\" >Bearish risks remain for ICP price<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Internet_Computer_eyes_50_move_as_ICP_enters_%E2%80%98falling_wedge_breakout_territory_%E2%80%9C\"><\/span>&#8221; Internet Computer eyes 50% move as ICP enters &#8216;falling wedge&#8217; breakout territory &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The price of Internet Computer (ICP) reversed directions after falling to its record low near $14.50 on Feb. 24 and has rebounded by more than 30% ever since. And now, it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears the 35th-largest digital asset by market capitalization has more room to grow in the coming weeks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ICP_breaks_out_of_%E2%80%98falling_wedge\"><\/span>ICP breaks out of &#8216;falling wedge&#8217;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ICP&#8217;s daily chart shows a falling wedge pattern \u2014 a setup consisting of two descending, converging trendlines connecting lower highs and lower lows. The intersecting nature of the two lines indicate a weakening bearish momentum. As such, traditional analysts anticipate a breakout out of a wedge to be bullish.<\/p>\n<p>For ICP\/USD, the wedge hurdle was near $17.75, as shown in the chart below. It broke above it on March 22, and kept on rising in the next daily session, accompanied by an increase in trading volumes. On the whole, it shows a convincing falling wedge breakout in action.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/b1d8688b-1414-4c4c-94a7-dea333af1afe.png\"><figcaption style=\"text-align: center;\"><em>ICP\/USD daily price chart featuring a &#8216;falling wedge&#8217; setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In a &#8220;perfect&#8221; scenario, breaking out of a falling wedge pattern \u2014 to the upside \u2014 can see a subseqeunt price rally by as much as the maximum distance between the wedge&#8217;s upper and lower trendline. That may put ICP en route to over $27 \u2014 by almost 50% \u2014 sometime by April.<\/p>\n<p>Nonetheless, there is also a possibility that ICP&#8217;s breakout mode exhausts midway near $20, a level that coincides with the resistance trendline of its multi-month descending channel. Still, it would leave the Internet Computer token with a potential 20% upside setup before the next pullback occurs.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bearish_risks_remain_for_ICP_price\"><\/span>Bearish risks remain for ICP price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Falling wedges are poor performers when it comes to predicting bullish chart patterns, according to\u00a0 Tom Bulkowski, a veteran stock market investor, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/thepatternsite.com\/fallwedge.html\">noted<\/a> that they work well when predicting a\u00a0 &#8220;downward breakout in a bear market.&#8221;<\/p>\n<p>ICP has been in a bear market since its launch in May 2021 across the crypto exchanges, with its price plunging more than 90% from its debut rate of around $240 (data from Binance). The token dropped amid allegations that its founding company, DFINITY, dumped billions of dollars worth of Internet Computer tokens while simultaneously barring its early investors from exiting their positions.<\/p>\n<p>Additionally, a correction across the Bitcoin (BTC) and the rest of the cryptocurrency markets also weighed down the ICP&#8217;s bullish prospects. <\/p>\n<p>Notably, the correlation between Bitcoin and Internet Computer has been mostly positive since the ICP&#8217;s trading debut on exchanges. In other words, ICP typically sees downside moves when BTC experiences a correction.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/88660f64-f2e6-468e-b326-0afe3be93996.png\"><figcaption style=\"text-align: center;\"><em>ICP\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Despite logging a falling wedge breakout, ICP still eyes further bullish confirmation as it trades below its 50-day exponential moving average (50-day EMA; the red wave) near $19, a strong resistance level since September 2021.<\/p>\n<p><strong><em>Related:\u00a0Internet Computer founder\u2018s $250M plan to help end the war in Ukraine<\/em><\/strong><\/p>\n<p>Failure to mark a break above the 50-day EMA could have ICP retest its record low near $14, down over 20% from today&#8217;s price.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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And now, it appears the 35th-largest digital asset by market capitalization has more&#8230;<\/p>\n","protected":false},"author":1,"featured_media":420369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMjMyMzgwNTktZmRjOC00MGQ2LTk0YTgtODY4NmRiMGI1MzJjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74939,75164,78261,48],"class_list":["post-420368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-market-analysis","tag-price-analysis","tag-tech-analysis","tag-internet"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/420368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=420368"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/420368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/420369"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=420368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=420368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=420368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}