Internet Computer has climbed 7.1% in 24 hours and is pressing against a monthly trendline that has held since 2024. A daily close above $3.23 would confirm a bullish continuation, though derivatives positioning still points to caution.
Internet Computer [ICP] rose 7.1% in the past 24 hours while broader crypto markets steadied. Bitcoin [BTC] had pulled back from $87.3k to $82.9k on Wednesday, September 23, before beginning to recover.
ICP's open interest climbed 8.4% over the same 24 hours, signaling bullish short-term conviction among speculators. Yet the spot CVD has not recovered despite the price gains, and the funding rate stayed in negative territory, pointing to a majority of derivatives market participants still leaning bearish and expecting a local top. That mismatch could set up a short squeeze in the coming days.
Monthly trendline breach shows bullish intent
On the monthly chart, ICP faces a trendline resistance level that has been tested three times since 2024, and a monthly close above it has not happened in nearly three years. With five days left before the monthly close, ICP would need to fall back below $2.15 to fail the breakout. The higher-timeframe chart, however, still highlights a persistent downtrend.
Traders eye $3.23, but downtrend lingers
ICP is down 99.58% from its $750 all-time high and carries a market cap of $1.77 billion. Even so, the token has trended higher since August, breaching the $2.40 and $2.62 resistance levels. The move past $2.40 flipped the daily swing structure bullish.
From there, combined with broader market enthusiasm, ICP rallied to the late-May highs near $3.20. A daily session close above $3.23 would signal a bullish continuation, though traders should also be prepared for a pullback toward $2.61-$2.75.
Source: AMBCrypto
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