- ICP extended its lead in the metaverse space over the past 24 hours as its competitors’ prices plummeted.
- At press time, ICP was down 2.08% while AXS’s price was down 3.72%.
- Technical indicators on both AXS’s and ICP’s daily charts suggested that their prices could break out soon.
Internet Computer (ICP), the leading metaverse token added to its lead over the rest of the cryptocurrencies in this sector during the past 24 hours. Technical indicators on the altcoin’s daily chart suggested that a bullish breakout may be on the cards for ICP within the coming two weeks, which will likely extend its lead in the metaverse space.
CoinMarketCap indicated that the altcoin was changing hands at $3.53 at press time after its price dropped 2.08% throughout the past day of trading. Despite the negative daily performance, ICP was still able to outshine its competitors, including the second-largest metaverse token by market cap Axie Infinity (AXS).
At press time, the price of AXS stood at $4.80 after it suffered a daily loss of 3.72%. This negative daily performance had flipped the altcoin’s weekly performance from positive to negative as well — taking its total weekly price movement to -0.87%. Meanwhile, ICP was up 2.03% for the week.
Daily chart for ICP/USDT (Source: TradingView)
From a technical perspective, the price of ICP successfully surged past the critical resistance level of $3.560 in the past 48 hours, but dropped back below the mark at press time. If the cryptocurrency manages to end the current day with a candle closing above this threshold, it could potentially set itself on a course toward the next significant hurdle at $3.965.
Supporting this optimistic outlook is the presence of a falling wedge chart pattern observed on ICP’s daily chart. Should this pattern be confirmed, there is a possibility that the cryptocurrency’s price might experience an increase, reaching as high as $4.610 in the upcoming weeks.
A clear indication of ICP’s rise to $3.965 would be achieved by the closure of a daily candle above the 9-day EMA line, which was situated at $3.611 at the time of this update. However, unexpected selling pressure within the next 72 hours could open up the risk of the altcoin testing the crucial support level at $3.240.
Daily chart for AXS/USDT (Source: TradingView)
Meanwhile, a falling wedge pattern had also formed on the daily chart for AXS. However, it may take longer for the pattern to be validated on AXS’s daily chart than the one that had formed on ICP’s daily chart – giving ICP a slight advantage over its competitor.
If the falling wedge pattern on AXS’s daily chart is validated, then it may look to rise to $6.75 in the following fortnight and flip the resistance level into support. A daily close above this threshold may then open up the possibility of AXS’s price rising to $9.65 in the next few weeks.
A confirmation of this bullish thesis will be when AXS closes a daily candle above $5.20. Conversely, a rejection from this price point within the next 72 hours could lead to the altcoin’s price retesting the next major support level at $4.55.
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