- Internet Computer Token $ICP trading as high as $2.58 to extend its rise.
- The gains came amid a notable increase in volume as crypto prices rebounded higher.
- $ICP could target $4.00 or more, although risks of a sharp decline remain.
Computer Internet ($ICP) Price retested the pivotal supply zone above $2.50 as bulls surpass the seven-day low near $2.
The retest comes as part of broader recovery efforts in the cryptocurrency market, with $ICP among today’s top altcoin gainers.
With prices up 9% in the past 24 hours and volume up 93% to over $125 million, it is likely that bulls could target resistance at higher levels.
Internet Computer Price Exceeds $2.50
$ICP It is currently posting intraday gains of around 9% over the past 24 hours, with the price currently trading lower from its period high.
But after hitting a low near $2, it appears the bulls are aiming for more.
Earnings for $ICP reflects broader market sentiment, where Bitcoin tested highs near $70,000 amid Nvidia-driven risk appetite.
The AI narrative has also pushed tokens like NEAR, Bittensor, and Render higher.
The rise towards intraday highs of $2.58 sees the Internet Computer token trading at levels last seen in mid-February.
$ICP technical photo price
From a technical point of view, $ICPRetesting the $2.50 hurdle marks a potentially critical reversal.
Price action signals buyer interest and a breakout of a long-term downtrend line is likely to strengthen.
The bulls must now manage to stay above this level to validate a bullish reversal trend.
Upside targets include resistance at $3.21 and $4.00, with volume confirmation key to buyer conviction.
Price table $ICP”>
Internet Computer Price Chart by TradingView
The RSI on the daily chart suggests that the bulls may have the opportunity to test the resilience of the bears, while the MACD also displays potential bullish strength.
However, the price is below the key moving averages, and the shape of the 50 and 100 day simple moving averages outlines overhead resistance.
If the price falls from current levels, strong support lies at $2.00 and the October 10 low at $1.98.
The token changed hands at around $2.41 at the time of writing.
Key $ICP proposal
Notably, $ICP is on the rise amid Internet Computer’s recent proposal for a tokenomics upgrade.
In its plan, the DFINITY Foundation seeks to introduce revenue-funded burns, with the removal of 20% of cloud engine fees as well as usage-based node rewards.
This will directly link $ICP from supply to network demand, a reduction mechanism which then sees 80% of cloud engine revenue allocated to node providers.
In this case, Internet Computer wants to move from fixed subsidiaries to performance-related incentives, a model that would mirror other cloud computing-focused chains.