Internet Computer (ICP) price remains within the January 3 supply zone between $12.01 and $14.43. However, there is potential for a bullish move as technical indicators start favoring the bulls.
The Internet Computer network is playing a crucial role in building the future of ordinals. It powers Bioniq, which is known as the fastest and easiest BTC ordinals marketplace with no gas fees. On February 5, the network held a discussion where community members had the opportunity to join industry experts in exploring innovation in ordinals using ICP.
With an impressive 80% confidence vote, community members showed their support for using ICP to enhance Bitcoin and ordinals. The team plans to collaborate closely with those in the Bitcoin and ordinals ecosystems. They will also develop decentralized Bitcoin solutions on ICP at the application layer and work on supporting future Bitcoin use cases at the protocol layer.
In terms of price outlook, the Internet Computer price has experienced a 5% decline in the last 24 hours despite increased trading volume. It continues to trade within the January 3 supply zone. The 50-day Simple Moving Average (SMA) provides strong support at $11.66, indicating a potential upward trajectory.
Technical indicators such as the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Awesome Oscillator (AO) all remain above their mean levels, suggesting positive momentum.
If buying pressure increases, the Internet Computer price could surpass the midline of the supply zone at $13.25. A decisive close above this level would confirm the continuation of the uptrend, potentially pushing ICP price above the psychological level of $14.00.
In a highly bullish scenario, the Internet Computer price could climb to the $15.33 level or even higher, representing a 30% increase from current levels.
However, if the supply zone acts as a resistance, the 50-day SMA could provide immediate support. A further decline may lead to a test of the $10.00 psychological level or even a retest of the late December lows around $8.79.
Overall, while the Internet Computer price remains within a bearish technical formation, there are indications of a potential bullish move. The network’s efforts in building the future of ordinals contribute to the positive sentiment surrounding ICP.