- Crypto markets show early recovery signs with Ethereum rebounding to $3,650 from $3,357, while altcoins like Internet Computer (ICP) display promising technical setups.
- ICP is forming a bullish fractal setup similar to a late 2024 pattern that led to a 94% surge after breaking above key moving averages.
- The current setup shows ICP has reclaimed the 100-day MA and faced rejection at the 200-day MA, mirroring the previous bullish pattern's structure.
- A breakout above the 100-day and 200-day MAs ($5.25-$5.84) could trigger a rally toward the wedge's upper resistance above $8.32.
Date: Tue, Aug 05, 2025 | 09:04 AM GMT
The cryptocurrency market is showing early signs of recovery after the recent sharp decline, with Ethereum (ETH) rebounding to $3,650 from its recent low of $3,357. Several altcoins are beginning to display promising technical setups — and Internet Computer (ICP) is one of them.
ICP has turned green today with modest gains, but beyond the short-term bounce, the chart is revealing something potentially much bigger — a bullish fractal setup strikingly similar to a past pattern that led to a major upside move.
Fractal Setup Hints at a Bullish Reversal
On the daily chart, ICP has been moving within a broad falling wedge — a long-term structure often linked with accumulation phases and eventual breakouts.
Looking back to late 2024, ICP reclaimed the 100-day moving average, formed a smaller symmetrical triangle, and then faced rejection at the 200-day moving average. This rejection led to a brief, healthy correction that retested the 100-day MA as support. From there, ICP broke out sharply and surged 94%, touching the wedge’s upper boundary.
Fast forward to the present, and the resemblance is hard to ignore. ICP has again reclaimed the 100-day MA, attempted a breakout from a smaller symmetrical triangle, and faced rejection at the 200-day MA — entering another short correction in the same price region that acted as a launchpad before.
What’s Next for ICP?
If history repeats itself, ICP could be gearing up for a strong rally from its current support zone. A confirmed breakout above both the 100-day and 200-day MAs (around $5.25 and $5.84 respectively), along with a triangle breakout, could trigger a push toward the wedge’s upper resistance line, potentially above $8.32.
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