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- If bulls do not flip the $11.85 resistance, ICP might drop to $10.55.
- NEAR could gain an extra 20% if it reclaims the $3.19 support.
- OP could reverse to a higher high if it breaks down below $2.95.
Many cryptocurrencies exploded in 2023, and in 2024, it seems that more parabolic moves could be on the way.
According to CoinMarketCap, tokens like Internet Computer (ICP) NEAR Protocol (NEAR), and Optimism (OP) were a few of the projects that brought their A-game from 2023 into some part of the new year.
At press time, ICP’s price was $11.23, representing a 245% increase in the last 90 days. NEAR changed hands at $2.98, indicating an 182% jump within the same timeframe. OP was not left behind as its price also climbed by 147%.
The increase in these prices has also affected the state of the market cap standings. For instance, ICP has risen into the top 20 and was number 19 at press time, Optimism and NEAR followed closely at number 27 and 29 respectively.
Internet Computer (ICP)
Previously, Coin Edition talked about ICP’s 30% increase when 2023 ended. However, the last seven days have seen a chunk of those gains erased, the 4-hour chart showed.
Since January 18, ICP has been unable to exit its bearish state despite trading between a close range of $11.85 and $13.22 between January 14 and 17.
Although there have been attempts to break above the bearish movement, bulls have not been able to succeed. Furthermore, indications from the Exponential Moving Average (EMA) suggested a breakdown in ICP’s price.
At press time, the price had fallen below the 20 EMA (blue) and 50 EMA (yellow), confirming a weakness in ICP. In the coming days, ICP might try to retest the resistance at $11.85. If it flips it successfully, it could ride up to $12.50.
ICP/USD 4-Hour Chart (Source: TradingView)
However, if bears reject the move, the cryptocurrency might fall to $10.55. If this happens, it could be a good entry before ICP’s next major rally.
NEAR Protocol (NEAR)
NEAR could be on the verge of another correction according to signals shown by the RSI. As of this writing, the RSI sat at 42.63. But since its January 11 peak, the RSI had formed a negative divergence.
Such a trend could slide NEAR futher down. In a highly bearish case, NEAR could drop as low as $2.20. But beyond the gloomy outlook, bulls might try and reclaim the support at $3.19.
If bulls pull through, the move could reinforce a possible uptrend which could help NEAR gain 20%. However, the Awesome Oscillator (AO) had slid into negative territory, confirming the bearish influence on the cryptocurrency.
NEAR/USD 4-Hour Chart (Source: TradingView)
If the AO exits the red region, the NEAR might jump. However, an extended stay in the negative zone could see NEAR shed another part of its value.
Optimism (OP)
In a recent article, Coin Editon highlighted how OP’s movement largely depends on Ether (ETH). Recently, OP has experienced a drop in volatility as the Bollinger Bands (BB) contracted.
This indicated that the price might not make significant moves in the short term. However, indications from the 4-hour chart showed that profit-taking was still in place. Should this continue, OP could lose hold of the $3.00 psychological level.
While buying pressure could push it to the $4.00 region, the MACD showed that the bullish outlook could be invalidated.
OP/USD 4-Hour Chart (Source: TradingView)
But in the aftermath of sellers’ exhaustion, OP could jump. Also, a breakdown below $2.95 could trigger a higher high for OP while neutralizing the bearish thesis.
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