ICP Bucks Market Slump as Whales Pile In—Caffeine Rally Sparks Suspiciously Timed Optimism

While most crypto assets bled out last week, Internet Computer (ICP) staged a caffeine-fueled breakout—just as on-chain data revealed whales gobbling up tokens. Coincidence? Traders aren’t buying it (except, well, literally).

Defying gravity—and skepticism—ICP ripped past resistance levels as retail FOMO met institutional accumulation. The usual suspects cheered this 'organic growth'... right as their bags got heavier.

Another day, another 'narrative-driven' pump in crypto’s casino economy. At least this one came with actual volume—and the sweet, bitter aroma of freshly roasted confirmation bias.

ICP price analysis

On the 1-day USDT chart, ICP has broken out of a multi-month descending trendline, signaling a potential shift in momentum.

It’s also moved above the upper boundary of a descending channel pattern, adding to signs of a bullish reversal. ICP is trading above its 50-day simple moving average, which further supports the bullish case.

On top of that, both the MACD and RSI are pointing up, which shows buyers are stepping in and momentum is picking up.

Based on this setup, the next likely target is around $6.88, which lines up with the 23.6% Fibonacci retracement level. If it breaks above that, bulls may aim for the next major resistance at $8.53, the 38.2% retracement level, about 51% higher than current prices.

However, if ICP drops below the key psychological support at $5, it could slide further down to the next major support around $4.20.

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