• Internet Computer Protocol token sliding after the latest gains
• The token is gaining popularity due to the growing prospects for web3
• ICP is a buy, but investors should wait for the current retracement to settle

Internet Computer Protocol ICP/USD is retracing. 24-hour losses stand at 8. 15% as investors take profits. However, that is just a correction as the token remains with a superb 24. 35% gain in the past week. The latest drop is an opportunity for buyers, with up to 40% upside potential.

While we can’t ascertain how long the improved crypto sentiment will last, ICP remains on course to $10. The latest price trends confirm that ICP has exceeded a key level. As most cryptocurrencies have risen, momentum has driven the price. The Ethereum merger has been driving tokens exposed on the web3.

ICP retreats after an impressive week with the potential to reverse at $7.0

Source – TradingView

Technically, ICP has been moving on a system of higher highs and higher lows. The weekly high for the token was $9.7. The weakly high coincided with overbought conditions as the RSI touched 72. This suggests that ICP buyers made profit at this level.

At the current price $7.7, ICP has corrected and is on its way towards $7.0 support. The token could also find support at the intersection of the moving averages. These levels could be a sign of a bullish reversal and investors should be aware. Buy trades should target $10.6 as the next resistance for ICP.

Concluding thoughts

ICP remains bullish, despite the correction. Although the token may slide further, it will be supported at $7.0. ICP buyers may consider purchasing lower because investor interest is strong. The token will find resistance slightly above $10.