Market
What’s Next for Internet Computer?
Internet Computer (ICP) price has been in a bearish trend, marked by a significant correction from a local high of $21.28.
This sharp decline has brought the price down to its current range, fluctuating between $12.1 and $14.
Internet Computer Price Action
The ICP price fluctuates between $12.1 and $14, a crucial range characterized by two significant 1-day baseline plateaus.
Additionally, the price is confined between the 100-day and 200-day exponential moving averages, reinforcing this range and explaining the recent price action following the sharp correction from the local high of $21,28.
Internet Computer’s Ichimoku Cloud Analysis and Components on Daily and Weekly Timeframes
The current price range of $12.1 to $14 is critical due to the overlapping of technical indicators, specifically the 1-day baseline plateaus and the exponential moving averages. This confluence creates a robust zone of support and resistance.
Read More: Internet Computer (ICP) Coin Explainer for Beginners
The Ichimoku Cloud, or Ichimoku Kinko Hyo, is a comprehensive technical analysis tool used in trading to identify trends, support, and resistance levels, and potential buy or sell signals. It consists of several components that work together to provide a “cloud” of information:
The shaded area between two lines (Senkou Span A and Senkou Span B) indicates support and resistance zones. If the price is above the cloud, it suggests a bullish trend; if below, it suggests a bearish trend.
The Base Line: A medium-term indicator that averages the highest high and the lowest low over the past 26 periods. It acts as a key support or resistance level and helps identify the general trend direction.
The 1D baseline plateaus at approximately $12.65 and $13.79 are pivotal points within this range. These baselines, derived from the Ichimoku Cloud, signify equilibrium levels where the price tends to gravitate, thus explaining the current consolidation.
More significant than the 1D baseline plateaus, the 1W baseline plateaus at $8,13, $10,62, $11,92, $14,05, and $21.28 represent critical support and resistance levels. The 1W baseline plateaus have a stronger influence and provide a wider context for potential long-term price movements.
Analyzing Exponential Moving Averages:
The price of Internet Computer is currently oscillating between the 100-day EMA (around $13) and the 200-day EMA (around $12). The 100-day EMA provides immediate resistance, while the 200-day EMA offers support. The compression between these moving averages often indicates potential for a breakout once the price decisively moves out of this range.
The recent price action stems from a sharp correction from the local high of $21.28, which aligns with another 1W baseline plateau, representing a strong resistance level. This correction has brought the price down into the current range, where it is seeking stability.
The market is currently in a consolidation phase within this range. A breakout above $14, coinciding with the 1D baseline plateau and the Ichimoku cloud, could lead to a retest of higher resistance levels, potentially aiming toward the $15.76 level initially.
Conversely, a breakdown below $12.1 could see the price testing the lower support level at $10.62, aligned with the 1W baseline plateau.
Strategic Recommendations:
The market is currently consolidating, with the price hovering between key support and resistance levels.
Continued downward pressure may lead to further declines, but consolidation above $10.62 would indicate a stabilization and neutral sentiment.
Read More: Internet Computer (ICP) Price Prediction 2023/2025/2030
The ICP/USDT market is consolidated, trading within a critical range defined by key support and resistance levels. A breakout above $14, coinciding with the 1-day baseline plateau and the cloud itself, could lead to a retest of higher resistance levels, initially aiming towards $15.76.
Conversely, a breakdown below $12.10 could see the price testing the lower support level at $10.62, aligned with the 1-week baseline plateau.
Traders should closely monitor these key levels to identify potential entry and exit points while considering the overall market sentiment and the potential for reversing the bearish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.
- DOGE price started a fresh increase above the $0.3750 resistance level.
- The price is trading above the $0.3800 level and the 100-hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.400 and $0.4080 resistance levels.
Dogecoin Price Eyes More Upsides
Dogecoin price remained supported above the $0.350 level and recently started a fresh increase like Bitcoin and Ethereum. DOGE was able to clear the $0.3650 and $0.3750 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3950 level or the 61.8% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low.
The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance might send the price toward the $0.4200 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.500.
Are Dips Supported In DOGE?
If DOGE’s price fails to climb above the $0.400 level, it could start a downside correction. Initial support on the downside is near the $0.3850 level. The next major support is near the $0.3750 level.
The main support sits at $0.3550. If there is a downside break below the $0.3550 support, the price could decline further. In the stated case, the price might decline toward the $0.3200 level or even $0.300 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3850 and $0.3750.
Major Resistance Levels – $0.4000 and $0.4200.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
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