Internet Computer (ICP) is trading slightly higher on Thursday and is approaching its critical support level, indicating that a recovery could be on the cards if it holds.
Internet Computer price is retesting its daily support at $7.86, with a potential for recovery if it holds. ICP’s long-to-short ratio trades above one, the highest level over a month. A daily candlestick close below $7.71 would invalidate the bullish thesis. Internet Computer is trading slightly higher on Thursday and is approaching its critical support level, indicating that a recovery could be on the cards if it holds.
The Relative Strength Index on the daily chart trades at 44, below its neutral level of 50, indicating weak momentum. For the bullish reversal, the RSI must rise from its current level to trade above its neutral level of 50. ICP/USDT daily chart Coinglass’s long-to-short ratio, at 1.13, is the highest level in a month, further supporting ICP’s bullish outlook. This ratio above one reflects bullish sentiment in the market, as more traders are betting on the asset price to rise.
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