- ICP consolidates around $3.95, signaling potential price reversal.
- Accumulation zone forms between $3.70 and $4.40, reducing selling pressure.
- Break above $4.60 targets $6–$7, with $10 as long-term resistance.
- Binance data shows growing trader confidence through rising long positions.
Internet Computer (ICP) is showing resilience for a potential reversal, with the price moving in a consolidation range. The ICP price over the last 24 hours has shown stability, while it is slightly down by 2.8% over the last week.
At the time of writing, ICP is trading at $3.95, supported by a 24-hour trading volume of $85.88 million, which is slightly down by 16.37% over the last 24 hours. Moreover, its market capitalization stands at $2.13 billion, placing the token among the top market performers.
Also Read: Internet Computer (ICP) Eyes $7 Rally Amid Strong Trendline Support
ICP Accumulation Zone Targets $6–$10 Upside
The crypto analyst, @DonaldsTrades, highlighted that ICP has been in a prolonged downtrend, clearly defined by the descending trendline that the price has respected for weeks. Recently, price action has flattened, and the breakdown momentum has cooled. This structural shift suggests selling pressure is weakening.
The chart shows the price currently around $3.97, sitting just above the prior liquidity sweep and forming what appears to be a potential bottoming structure. A well-defined accumulation zone between $3.70 and $4.40 has formed, marked by tight sideways movement and reduced volatility.
This area shows buyers absorbing supply while preventing further downside. The blue box liquidity wick beneath this zone reinforces the idea that a capitulation event may have occurred. Price continues to compress within this range, often a precursor to strong directional expansion.
If the price breaks convincingly above the accumulation range, there are a number of targets that the chart identifies as possible. The first area of resistance is approximately $4.40 to $4.60, and targets mid-range levels of $6.00 to $7.00, where previous range-bound reactions lie. The main target, if price continues to make good gains, is the strong area of resistance at $10.00.
Binance Data Highlights Growing ICP Confidence
Recent data from Binance shows that the cumulative long position of the top traders on the platform is significantly increasing. The long/short accounts ratio and long positions ratio of the accounts have continually moved upwards, implying that the traders’ confidence in the positive price movement is improving. The long position of the traders implies that they feel that the market is going to favor them.
The charts indicate strong green bars of increasing long positions from the open market, illustrating that the trend for leveraged long positioning is clearly positive. This type of market trend is typically a result of positive sentiment or market catalysts that become a basis for positive speculation. It is possible that if this trend of long accumulation continues, the liquidity dynamics of the market could shift.
Also Read: ICP Technical Outlook: Support Holds, Eyes Set on $9.29 Resistance
