The cryptocurrency market is recovering from the downturn that occurred earlier this week.
The cryptocurrency market is trading in the green zone after losing some of its value earlier this week. The market has increased its value by more than 1% in the past 24 hours, but the overall market capitalization remains below $1.3 trillion.
Bitcoin is still struggling below the $30k mark despite adding less than 1% to its value today. Ether is in the red zone with a drop of over 3% over the past 24 hours. As of press time, ETH is struggling to stay above the $1,700 support level.
ICP, the native token of the Internet computer ecosystem, is currently the best performer among the top 50 cryptocurrencies by market cap. ICP has outperformed other major cryptocurrencies over the past 24 hours.
There is no clear catalyst behind the ongoing positive performance of the ICP. Over the past seven days, the ICP has increased its value by more than 15%.
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prime level to watch
The ICP/USD 4-hour chart is bullish as ICP has been performing well over the past few days.
The MACD line is in a positive zone, which is indicating bullish momentum. The 14-day Relative Strength Index 52 indicates that the ICP is no longer within oversold territory.
As of press time, the ICP is trading at $8.29 per coin. If the rally continues, ICP may cross the $9.14 resistance level before the end of the day.
However, it will require the support of the broader crypto market to reach the $10 mark in the short term.
