ICP’s $6.35 Level Key to Pushing Toward $8.00

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ICP’s $6.35 Level Key to Pushing Toward $8.00

Bitget-RWA2025/11/13 21:36

By:Bitget-RWA

- Internet Computer ($ICP) surged 150% amid record $237.92M open interest and 261% trading volume spikes, driven by institutional interest and bullish technical indicators. - Price tested $6.66 resistance (failed) but held above critical $5.79 support, with analysts projecting potential moves toward $9.12 if momentum sustains. - Volatility persists as thin trading volumes and zero-trade intervals highlight fragility, with $8.00 resistance and $6.35 support key for trend continuation. - Growing Energy-as-a-

Internet Computer ($ICP) has experienced a remarkable rally of over 150% in the past few weeks, driven by a notable increase in both open interest and trading activity. This has led to speculation about whether the current upward trend can persist at these price points.

momentum

has become a focal point as the token, which serves as the foundation for the

Internet Computer

blockchain, has attracted renewed interest from both retail and institutional participants. According to

derivatives data showing open interest

, open interest soared to a three-year peak of $237.92 million as of Friday. This uptick mirrors a broader resurgence in the cryptocurrency sector, with

ICP

outperforming many of its peers

against a backdrop of increased liquidity and speculative trading.

The token’s recent movement has featured a decisive breakout from a prolonged consolidation phase. On November 7, ICP

tested its $6.66 resistance level

with a trading volume spike 68% above the average, but was unable to surpass it, pulling back to around $6.03.

ICP’s $6.35 Level Key to Pushing Toward $8.00 image 0

However,

renewed buying pressure emerged

on November 12, pushing the price up 7.88% to $7.77, alongside a 261% jump in trading volume compared to the 30-day average. Experts attribute this upward move to a mix of technical drivers and increasing institutional participation, with

the Relative Strength Index and Moving Average Convergence Divergence indicators signaling bullish momentum

One of the main drivers behind the rally is the token’s ability to remain above crucial support levels. On November 12, ICP

slipped 0.65% to $6.30

but stayed above the $5.79 support area, a level that has historically limited further declines. This stability has strengthened the argument for continued gains, with

some analysts projecting a potential move

toward $9.12 if the current momentum holds. The price has also moved above the 100-day moving average and Murrey Math Lines,

adding to the bullish case

Despite the prevailing optimism, there are still hurdles to overcome. The recent consolidation has exposed some vulnerability in the rally, as

trading volume thinning sharply

at certain intervals, including periods of no trades as of November 13. This points to a temporary balance rather than a clear shift in sentiment. Market participants are monitoring the $8.00 resistance closely, as

a sustained close above this mark potentially unlocking targets

in the $8.50–$8.90 range. On the other hand, if the price fails to stay above $6.35, it could revisit the $5.79 support, casting doubt on the rally’s durability.

Wider market trends are also influencing the token.

The Energy-as-a-Service sector

, which has seen collaborations with ICP-linked initiatives, is expected to expand at a 12.3% compound annual growth rate through 2030, indirectly enhancing the token’s practical value. Moreover,

institutional-grade tokenization platforms like Taurus-CAPITAL

are supporting ICP’s integration into specialized fields such as renewable energy funding.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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