The cryptocurrency market is starting November on a positive note, with both Bitcoin (BTC) and Ethereum (ETH) trading slightly higher. Several altcoins are also joining the recovery, including Internet Computer (ICP) — which is showing early signs of strength backed by a promising technical setup.
Descending Broadening Wedge Pattern in Play
On the 4-hour chart, ICP is forming a descending broadening wedge, a bullish continuation pattern that often develops during a downtrend and signals a potential reversal once price breaks above the upper trendline.
After dropping to test the lower support zone near $2.72, ICP managed to rebound and is now trading around $3.06. The price action shows the token consolidating tightly near the wedge’s upper boundary — a typical sign of pressure building before a potential breakout.
Adding to this, the 50-period moving average (MA) sits close to $3.10, creating an immediate resistance level that buyers need to reclaim to confirm strength. Historically, this level acted as a short-term hurdle for ICP’s recovery attempts.
What’s Next for ICP?
If bulls succeed in pushing the price above both the upper wedge trendline and the 50 MA, it could trigger an upside breakout — potentially targeting the $3.59 region. This would represent a 16% potential upside from current levels.
However, if the token faces rejection at this resistance zone, ICP might continue to consolidate within the wedge before attempting another breakout move.
For now, momentum appears to be gradually shifting in favor of the bulls. A decisive breakout could position Internet Computer (ICP) as one of the early leaders in the next wave of altcoin strength.