Assessing if ICP’s whales can help it flip $3-level after 10% daily hike

Web Laptop [ICP] has closed at larger highs for 4 consecutive days since rebounding from a slip at $2. In doing so, the altcoin climbed to a three-week excessive of $2.7, earlier than a slight retracement.

On the time of writing, Web Laptop [ICP] was buying and selling at $2.5 – Up 10.7% on the each day charts after extending its weekly features. Due to its newest value pump, the altcoin broke out of its falling development and registered a powerful upside.

That’s not all both because it flipped the short-term EMA20 at $2.4 too. It’s now testing EMA50 at $2.7, signalling sturdy bullish momentum.

Web Laptop sees renewed whale-driven demand

After ICP rose to $2.4, buyers, particularly whales, rushed into the market to defend larger ranges.

For instance – Spot Common Order Measurement information from Cryptoquant highlighted a hike in Huge Whale Orders at $2.4. 

Supply: Cryptoquant

The discovering steered that whales have intensified their exercise at this degree over the previous three days. And, when the altcoin slipped to $2.3, they defended it. 

This may be seen as proof of sturdy bullish sentiment amongst whales, who seen these value ranges as key to sustaining upward momentum. These entities ensured that ICP holds above $2.4, making it a transparent demand wall for the market. 

On the identical time, demand recovered throughout the Spot market too, as evidenced by the Spot Taker CVD. This metric revealed that consumers dominated at $2.4 – An indication that whales had been principally shopping for at that value. 

Supply: Cryptoquant

Usually, larger spot demand tends to soak up rising stress and cut back the provision obtainable for quick promoting – A prelude to larger costs.

Can ICP flip $3?

Web Laptop confirmed sturdy upside momentum as demand, particularly from whales, returned throughout the market. Because of this, the altcoin’s upside momentum strengthened too.

In truth, ICP flipped its short-term transferring common EMA20 at $2.4 too.

On the identical time, its Stochastic RSI climbed to 99.9. This hinted at overbought situations whereas signaling a demand-driven upward transfer on the worth charts.

Supply: Tradingview

When this momentum indicator makes such bullish strikes, it’s a signal of potential development continuation if sustained. Thus, if demand holds with consumers, particularly whales, ICP will register extra features.

Proper now, the altcoin is testing the Brief-term Shifting Common (EMA50) at $2.7. A each day shut above the extent will see ICP flip $3 and goal EMA100 at $3.1.

Nevertheless, if this bullish try collapses with sellers leaping to money out, ICP will search assist at $2.2.

Closing Abstract

• Web Laptop [ICP] surged to a three-week excessive of $2.7, then retraced to $2.5. 
• Web Laptop flashed indicators of sturdy bullish momentum as whales returned with power to defend $2.4.