Internet Computer (ICP) Price Begins Bullish Reversal, Eyes $10.44 Breakout

Internet Computer price is gearing up for a modest breakout as the Federal Reserve matches market expectations, leaving the interest rate unchanged between 5.25% and 5.5%.

Internet Computer (ICP) price is up around 2% in the last 24 hours and is showing signs of preparing for a modest breakout. This comes as the Federal Reserve matches market expectations, leaving the interest rate unchanged between 5.25% and 5.5%.

In his latest remarks, Powell was largely dovish on interest rate cuts, shrinking the chances of a rate cut in July. However, according to insight from Fed Watch, market watchers expect the Fed to consider the first rate cut in September.

Crypto prices had started to rise gradually ahead of the meeting. Bitcoin price rose 1.5% to $66,485 and remained in a tight range between the 50-day Moving Average (MA) at $64,880 and the 200-day MA at $67,830.

Meanwhile, Ethereum price found support at $3,300, attempting to hold above the level after sliding below it on Wednesday.

Internet Computer Price Begins Bullish Reversal From Support Zone

A 2% surge pushed ICP price from support at $8.8 to $9.21 on Wednesday, as shown by CoinMarketCap data. Bulls regained control of the trend following a significant correction from the July 22 peak of $10.98, as volume shrunk over the last ten days.

Internet Computer price assumed a downtrend, tagging three lower highs and three lower lows. Using two trend lines to connect these price points established a falling wedge pattern.

This constitutes a trend reversal pattern, foreseeing a 12% breakout at $10.44. The target is obtained by measuring the distance between the first swing low and swing high and appending it to the breakout point.

Traders look for a breakout above the trend line resistance, betting on a drastic increase in price, often validated by a spike in trading volume. They place buy orders above the breakout point and the stop loss slightly below it.

In addition to the impending wedge breakout, the Moving Average Convergence Divergence (MACD) indicator recently confirmed a buy signal.

This short-term call to buy ICP occurred after the blue MACD line crossed above the red signal line. The MACD’s continued movement inching closer to neutral will further drive interest in the token and trigger a major Internet Computer price rally.

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