Internet Computer (ICP) price remains within the bearish technical formation it has been in since the beginning of the year. However, there are signs that the bulls may soon make a bold move.
The Internet Computer network is playing a role in shaping the future of ordinals. It powers Bioniq, which is known as the fastest and easiest BTC ordinals marketplace. Bioniq offers fast transactions and secure BTC ordinals wrapping without any gas fees. On February 5, the network held a discussion where community members had the opportunity to join industry experts in talking about innovation in ordinals using ICP.
The community members showed their support for using ICP to improve Bitcoin and ordinals, with an 80% confidence vote. The team will now work closely with those in the Bitcoin and ordinals ecosystems. They will focus on building decentralized Bitcoin solutions at the application layer on ICP and supporting future Bitcoin use cases at the protocol layer.
In terms of price outlook, the Internet Computer price has seen a 5% decrease in the last 24 hours, despite a 7% increase in trading volume. It is still trading within the supply zone between $12.01 and $14.43. The 50-day Simple Moving Average (SMA) provides strong support at $11.66, indicating that the path of least resistance is upwards.
The Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Awesome Oscillator (AO) all remain above their respective mean levels, suggesting increased buying pressure. If this continues, the Internet Computer price could break through the midline of the supply zone at $13.25 and confirm an uptrend.
In a highly bullish scenario, the price could climb to the $15.33 level or higher, representing a 30% increase from current levels. However, if the supply zone proves to be a strong resistance, the price could fall and test the $10.00 psychological level or even the late December lows around $8.79.
Overall, while the Internet Computer price is currently within a bearish formation, there are indications that the bulls may soon take control and make a significant move.