$ICP Crypto Breaks Trendline Resistance Amid Bullish Momentum

The Internet Computer (ICP) cryptocurrency has been steadily increasing in value over the past few days, reaching a 7.1% gain in the last 24 hours. This uptrend is accompanied by an increase of 8.4% in Open Interest, indicating bullish sentiment among speculators.

However, despite this positive momentum, the spot CVD has not yet recovered, and the funding rate remains in negative territory, suggesting that derivatives market participants are leaning bearishly. This could potentially set up conditions for a short squeeze in the coming days.

$ICP's monthly trendline breach is also seen as bullish, with the altcoin having tested this resistance level three times since 2024 and never closing above it. With just five days left to close out the month, $ICP appears likely to break through the trendline and move beyond its June highs.

Despite its persistent downtrend, $ICP has managed to rally by 60.4% in less than two months since August. The altcoin's recent price action has also seen it breach resistance levels at $2.40 and $2.62, with a daily session close above $3.23 signaling a bullish continuation.