Key highlights:

  • ICP has recovered from around $2.30 to $5.50, putting $7 in focus as the next major resistance
  • A break above $7 could open the path toward $9 and the larger $19.24 resistance zone
  • CoinCodex predicts the ICP price to reach the $2.95 level in a month from now

Internet Computer (ICP) is at an interesting point. After falling from around $19.24 to a low near $2.30, ICP has managed to recover toward $5.50. That puts the token well above several Fibonacci levels, but there is still a major hurdle ahead.

For More Crypto Online, $3.68 was an important resistance level to watch, and the analyst noted that a break above it would improve the outlook. With the ICP price now around $5.50 based on the chart provided, attention has moved toward the next major barrier at $7. If bulls can clear that level, $9 and potentially $19.24 become the next areas to watch.

 

The ICP price has a bigger test

We had a look at the ICP 12-hour chart shared by More Crypto, and the recovery is easy to spot. The price fell from approximately $19.24 to around $2.30, creating a major downtrend. From that bottom, the ICP price recovered to roughly $5.50.

The Fibonacci levels on the chart include $3.683, $3.247, $2.971, and $2.720. The ICP price is above all of them, which puts the focus on the higher resistance levels. The first major hurdle is $7. From $5.50, reaching $7 would require a move of roughly 27%. If that level breaks, the next target is $9, which would be about 64% above $5.50.

The biggest upside target on the chart is $19.24, the previous peak. Reaching that level from $5.50 would require a move of roughly 250%. That does not mean ICP is guaranteed to reach those targets. The $7 and $9 levels need to be cleared first.

ICP governance gives the token another fundamental angle

BSC News also provided details about ICP's governance system and how neurons participate in the NNS. An ICP neuron is ICP locked into the NNS governance canister and is used to vote. One ICP can create one neuron, and a two-week dissolve delay makes it eligible.

There is also a six-month activity requirement. A neuron must vote, set its following, or confirm its existing following at least once every six months. If none of these actions happen, the neuron loses its voting power within the relevant governance window.

BSCN also notes that a hotkey can handle voting, following, and confirmation, meaning the controller key can remain in cold storage. For proposals, at least 3% of total voting power is required for a proposal to pass by the deadline.

Where could the ICP price go next?

The bullish scenario for the ICP price starts with support around $4.50 and a successful break above $7. That could put $9 next, followed by the much larger $19.24 resistance zone. The bearish scenario begins if $4.50 fails, bringing $3.683, $3.247, $2.971, $2.720, and eventually $2.30 back into focus.

For now, $7 is the key level. ICP has already recovered considerably from its $2.30 low, but clearing $7 would be the next major test of whether this recovery can develop into a much larger move.

CoinCodex's 1-month ICP price prediction places the token around $2.95. That target is well below the current price and would imply a move back toward key support levels at $3.68 and $3.25, areas traders are watching if the current recovery loses strength.