Internet Computer’s (ICP) price broke above a descending trendline on Tuesday, gaining over 14% daily and signaling a positive move ahead.
Internet Computer price broke above a descending trendline on Tuesday, eyeing a rally ahead. Coinglass data shows that ICP’s open interest is increasing, indicating new buying is occurring. On-chain data paints a bullish picture as ICP’s long-to-short ratio is above one, and trading volume is rising. A daily candlestick close below $7.67 would invalidate the bullish thesis.
The OI indicates the total number of outstanding derivative contracts that have not been settled and whether money flows into the contract are increasing or decreasing. Increasing OI represents new or additional money entering the market and new buying, which generally tends to support prices. When OI decreases, it is usually a sign that the market is liquidating, more investors are leaving, and the selling pressure increases. The graph below shows that ICP’s OI increased from $35.
Technical Analysis Openinterest
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