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After rising over 50%, will ICP be able to continue the rally?

 


Internet Computer Token (ICP / USD) was on many investors' watch lists this year after rising over 50% in just 5 days. The ICP token has several important uses: It acts as a governance token (which enables holders to "lock" part of their ICP in the network and, in return, to have a say in the future development of the ICP protocol), Investors are rewarded for good behavior by the network at the participating data centers, and ICP is used to pay transaction fees.

ICP has finally made a long-awaited turnaround after falling over 60% since November. ICP was trading 10% higher during the day on Wednesday, but a few hours later ICP lost all of its gains and traded 11% lower than the daily highs. This shows that many investors posted gains on Wednesday as the ICP neared strong resistance levels. Many investors bought ICP because they feared they would miss out on profits. However, this could prove very risky, especially after Wednesday's decline. Wednesday's decline may not mean the ICP rally is over, but it could indicate a small correction before ICP resumes rally. So should you buy ICP now or wait for ICP to move lower?

  • ICP has rallied over 50% in just 5 days, however, the rally is now showing signs of stopping as price neared strong resistance at $ 38.

  • ICP could now correct to the Fibonacci level 0.618 at $ 27.6 before resuming the rally and breaking the resistance at $ 38.

  • Sales volumes were high on Wednesday, suggesting that many investors posted gains.

  • Investors should wait for the correction in the ICP before going long as it looks like the value will continue to fall.

  • Investors can set a target of $ 38, followed by $ 55.

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