Internet Computer: Is a bullish relief on the cards for ICP traders?

ambcrypto.com:

The Internet Computer’s native cryptocurrency ICP is certainly one to watch given the discount it has received in the last few weeks. Moreover, it is now approaching a key support level and there are signs of a potential pivot in the works.

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ICP’s $5.18 press time price was rapidly approaching an important or noteworthy range. Interestingly, the price was now interacting with the 200-day moving average.

The latter is often considered a pivot zone but that may not always be the case. Perhaps a more important observation is that the price is now within a short-term support range as indicated in the price chart.

Source: TradingView

If ICP’s current support holds strong, then investors should look out for accumulation within the $5 to $5.20 price range.

ICP has been experiencing outflows since its February peak and has since then pulled back by roughly 36%.

Furthermore, the Money Flow indicator has now pivoted, confirming that some accumulation is now taking place.

ICP traders may want to take note of multiple metrics which may point to the next major move.

For example, its price volatility metric remains high, confirming that ICP is still receiving decent levels of investors’ attention.

The token’s social dominance metric registered its largest 4-week spike during Tuesday’s trading session, meaning there was a lot of chatter among investors.

Source: Santiment

These metrics indicate a high probability of securing robust volumes to keep the price going or to support a pivot. The latest development data may offer some incentives for bullish sentiment.

The latest ProofOfGitHub data reveals that the Internet Computer had the highest development activity out of the top