Internet Computer's ICP token climbed roughly 13% in 24 hours to trade near $3.45 on October 12, with about $121 million changing hands over the same period. The move pushed the token above all eight daily moving averages tracked by analysts, a configuration that hasn't been seen during the recent downtrend.
Momentum indicators back up the price action, though not without caveats. The daily 14-period relative strength index sat at 59.6, while the four-hour RSI reached 67.3. Both suggest buying pressure without the exhaustion that often precedes a pullback. The weekly RSI came in at 64.2, but the longer-term outlook still leans bearish.
What the moving averages show
The daily chart's indicator-group tally now reads six bullish groups, one neutral, and none bearish — a clean sweep that hasn't been common for ICP this year. The 50-day moving average remains above the 200-day average, a structure that keeps longer-term trend followers cautious.
CoinMarketCap AI flagged $3.30 as the level the breakout needs to hold. If ICP consolidates above that price, the next major resistance target sits at $3.90. That's the conditional scenario traders are watching, not a guaranteed path.
The overhead supply ladder
ICP hasn't cleared its first daily resistance at $3.5638. That level, followed by $3.69 and $3.8574, forms a ladder of overhead supply that the token must absorb before $3.90 comes into play. Each rung represents sellers who bought at those prices and may look to exit near breakeven.
On the support side, $3.3414 is the nearest daily floor. It's a confluence zone that combines a pivot point, the 0.214 Fibonacci level, a high-volume node, and the prior-week open. If ICP loses that level, the next supports are $3.1926 and $3.02. A break under $3.02 could expose $2.88.
Volume and the RSI picture
The $121 million in 24-hour volume is notable but not extraordinary for ICP. It's enough to confirm that the move has participation, though it doesn't yet signal a full trend reversal. The four-hour RSI at 67.3 is approaching overbought territory, which means short-term traders may take profits if the price stalls near $3.56.
The daily RSI at 59.6 leaves room for further upside before hitting the 70 level that often marks exhaustion. That gap between the two timeframes — daily comfortable, four-hour stretched — is why the $3.30 consolidation zone matters. Holding above it would let the four-hour RSI reset without forcing a deeper daily correction.
What to watch next
For the bullish case to stay intact, ICP needs to defend $3.3414 on any pullback and eventually clear $3.5638. A daily close above that first resistance would open the door to $3.69 and $3.8574. The $3.90 target only becomes realistic if the token can consolidate above $3.30 for several sessions and hold support around $3.3414.
If $3.02 breaks instead, the next stop is $2.88, and the six bullish indicator groups would likely flip quickly. The weekly bearish bias means rallies have been sold before, so the burden of proof remains on the bulls. ICP's next few daily closes will determine whether this is a genuine breakout or another failed push into overhead supply.
