Internet Computer (ICP) surges 8.8% breaking seven-month trendline

Internet Computer (ICP) has recently broken through a seven-month descending trendline, marking a potential shift in its market dynamics. This breakout has garnered significant attention from traders, as the price surged by 8.8% to approximately $5.94. The movement indicates a possible trend reversal after months of downward pressure, with the price action now facing immediate resistance at $5.99 and support holding near $5.46.

The daily chart reveals that ICP had been following a declining resistance line since late 2023, which acted as a ceiling, repeatedly rejecting upward momentum. The recent breakout through this resistance suggests a change in market sentiment, with traders now considering the possibility of a larger upward movement. Some estimates place the next price target near the $9.00 mark, representing a potential 50–60% rise from the breakout zone.

Following the breakout, the nearest support has been identified around the $5.46 level, while immediate resistance is noted just below $6.00. If the current momentum sustains and ICP can close decisively above this resistance zone, it may validate the bullish bias. However, if selling pressure increases near the $6.00 mark, price action could revisit the support for consolidation.

While the breakout has triggered bullish speculation, trading volume remains a key metric to watch. A sustained increase in volume would provide stronger confirmation of trend continuation. Without that support, there is a possibility of a false breakout. Market volatility around key levels also continues to create short-term uncertainty.

Internet Computer’s breakout from a seven-month trendline offers a technical signal of potential bullish momentum. As of now, the $5.94 level stands as a critical pivot in determining ICP’s short-term direction. The bullish target sits around $9.00, indicating potential for a 50–60% move if momentum sustains and volume supports the breakout. However, traders should remain cautious and monitor volume and market volatility to confirm the trend reversal.