Buy Internet Computer token on a retracement as the price remains very bullish

  • Internet Computer Protocol token is sliding after the latest gains
  • The token has been gaining on growing prospects of web3
  • ICP is a buy, but investors should wait for the current retracement to settle

Internet Computer Protocol ICP/USD is retracing. 24-hour losses stand at 8.15% as investors take profits. However, that is just a correction as the token remains with a superb 24.35% gain in the past week. The latest drop is an opportunity for buyers, with up to 40% upside potential.

While we can’t ascertain how long the improved crypto sentiment will last, ICP remains on course to $10. That is confirmed by the latest price trends, which show that ICP has broken above a key level. The price has been driven by momentum as most cryptocurrencies surged. In particular, the projected Ethereum merge has been boosting tokens exposed to web3. 

ICP retreats after an impressive week with the potential to reverse at $7.0

Source – TradingView

Technically, ICP has been moving on a system of higher highs and higher lows. The token has set a weekly high of around $9.7. The weakly high coincided with overbought conditions as the RSI touched 72. That suggests that ICP buyers took profit at the level. 

At the current price of $7.7, ICP is correcting and on its way to finding support at $7.0. Alternatively, the token could find support where the price intersects with the moving averages. Investors should be keen on those levels for a potential bullish reversal. Buy trades should target $10.6 as the next resistance for ICP.

Concluding thoughts

ICP is very bullish despite the current correction. The token could slide further but will get supported at $7.0. ICP buyers should consider buying lower as investor interest remains strong. The token will find resistance slightly above $10.

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