ICP was officially launched on Coinbase in Binance US on 10th May 2021. It was a head-turner event since ICP flew off towards $3161 from the open price of $241 in a single day. However, most of its value was retracted as it closed on 10th May 2021 with a value of just $365. The next day and entire month followed the strong sell-off in the broader crypto assets fueling a profit booking / sell-off on all cryptocurrencies. Internet Computer Token was not untouched by the price momentum. We witnessed a downward sell-off from the levels of $365 to touching new lows of $27.62 within a month of getting listed on centralized crypto exchanges.
ICP Price Analysis
Since closing above the resistance level of $66, we expect ICP to retest $100 in a short time frame, with long-term targets of more than 200% from the current level of $70. Since ICP is consolidating near this resistance level, one should wait for a clear trend before making fresh positions. Failure to remain above $70 can push ICP back to the $50 levels.
Internet Computer Token is on a bullish trend for the first time since getting listed for trading purposes. ICP has strong support coming around $30 levels with a resistance of $66. There is strong support active at $50 levels with a target of $100 on an immediate basis.
ICP has the bullish sentiment and capability to retest the $100 levels in the short term. Since it has been trading with a return of more than 10% every day over the last couple of days, we expect ICP to consolidate around its immediate resistance before expecting a breakout.