Assessing if ICP’s whales can help it flip $3-level after 10% daily hike

Internet Computer [ICP] has closed at higher highs for four consecutive days since rebounding from a slip at $2. In doing so, the altcoin climbed to a three-week high of $2.7, before a slight retracement.

At the time of writing, Internet Computer [ICP] was trading at $2.5 – Up 10.7% on the daily charts after extending its weekly gains. Thanks to its latest price pump, the altcoin broke out of its falling trend and registered a strong upside.

That’s not all either as it flipped the short-term EMA20 at $2.4 too. It is now testing EMA50 at $2.7, signalling strong bullish momentum.

Internet Computer sees renewed whale-driven demand

After ICP rose to $2.4, investors, especially whales, rushed into the market to defend higher levels.

For example – Spot Average Order Size data from Cryptoquant highlighted a hike in Big Whale Orders at $2.4. 

The finding suggested that whales have intensified their activity at this level over the past three days. And, when the altcoin slipped to $2.3, they defended it. 

This can be seen as evidence of strong bullish sentiment among whales, who viewed these price levels as key to sustaining upward momentum. These entities ensured that ICP holds above $2.4, making it a clear demand wall for the market. 

At the same time, demand recovered across the Spot market too, as evidenced by the Spot Taker CVD. This metric revealed that buyers dominated at $2.4 – A sign that whales were mostly buying at that price. 

Often, higher spot demand tends to absorb rising pressure and reduce the supply available for immediate selling – A prelude to higher prices.

Can ICP flip $3?

Internet Computer showed strong upside momentum as demand, especially from whales, returned across the market. As a result, the altcoin’s upside momentum strengthened too.

In fact, ICP flipped its short-term moving average EMA20 at $2.4 too.

At the same time, its Stochastic RSI climbed to 99.9. This hinted at overbought conditions while signaling a demand-driven upward move on the price charts.

When this momentum indicator makes such bullish moves, it is a sign of potential trend continuation if sustained. Thus, if demand holds with buyers, especially whales, ICP will register more gains.

Right now, the altcoin is testing the Short-term Moving Average (EMA50) at $2.7. A daily close above the level will see ICP flip $3 and target EMA100 at $3.1.

However, if this bullish attempt collapses with sellers jumping to cash out, ICP will seek support at $2.2.

Final Summary

• Internet Computer [ICP] surged to a three-week high of $2.7, then retraced to $2.5. 
• Internet Computer flashed signs of strong bullish momentum as whales returned with strength to defend $2.4.