ICP Breakout Above Resistance Could Target $14 Pivot High

The ARO Network has announced its collaboration with Internet Computer (ICP). This collaboration marks the beginning of a new era for AI-native Web3 applications.

Combining the edge infrastructure of the Internet Computer and the fast blockchain enables fast computation and AI execution. It also retains decentralization and security and supports full on-chain transparency for AI-driven smart products.

This integration makes it possible for AI to run at web speed without depending on cloud services, and it can be done directly on the blockchain. This makes it possible for developers to build fast social, autonomous, and gaming apps using AI, and this will create a whole new standard for decentralized AI infrastructure using Internet Computer and ARO Network.

Also Read: ICP Poised for Bullish Breakout: Multi-Year Falling Wedge Signals $20+ Potential

ICP Technical Setup Hints at Strong Move Toward $14

However, the data from Bicoinsensus pointed out that ICP is once again getting more attention on the markets, especially since forming a large bull flag on the weekly chart.

Since March 2024, the price has compressed into a tight range, indicating accumulation. Such a long period of compression in the markets typically results in large movements once markets regain their volatility.

Source: X

The formation appears to be a wedge formation within a bull flag, which is an indication of a continuation of an upside movement. With the tightening of the price, there is a significant likelihood of a breakout. In the event of a breakout above the resistance line, ICP may target its next major pivot high of $14.

Technical Outlook Suggests Improving Bullish Strength

Taking a look at the weekly chart of ICP, it can be seen that it has been declining for a while from around $12-14 and now appears to be ranging. This current value of around $4.04 also lies close to the 20-week moving average, which is a crucial level. The Bollinger Bands, which are tight after a volatile spike, lie at $6.10 and $1.96, respectively.

Source: TradingView

The momentum indicators are uncertain but not trending. With an RSI of 48, which is below the mid-level of 50, it shows that the price is in a state of consolidation.

A sudden, quick move up followed by a sudden turn back shows that momentum is not present. To have positive momentum in the market, the RSI must move above 50, and the price must regain its range of $4.50 to $5.00.

Also Read: Internet Computer (ICP) Poised for $14 Breakout After Years of Accumulation