ICP crypto tests 2024 trendline as bulls target $3.23 breakout

On Wednesday, September 23, Bitcoin [BTC] saw a brief pullback from $87.3k that sent the leading crypto down to $82.9k. This dip has since begun to recover.

Internet Computer [$ICP] did not see much of a price dip in recent days, and has pushed higher by 7.1% in the past 24 hours. Its Open Interest was up by 8.4% in 24 hours, too, signaling bullish short-term conviction amongst speculators.

The spot CVD has not begun to recover despite the price gains, and the funding rate was in negative territory. It indicated that the majority of derivatives market participants were leaning bearishly and expecting a local top.

This might set up the conditions for a short squeeze in the coming days. Can this propel $ICP crypto beyond the June highs?

$ICP crypto’s monthly trendline breach shows bullish intent

On the monthly chart, there was a trendline resistance level [dotted white] that has been tested thrice since 2024. A monthly session close above this trendline has not occurred in nearly three years.

With just five days left for the monthly close, it appeared unlikely that $ICP crypto would fail to beat the trendline by falling back below $2.15.

However, the higher timeframe price chart highlighted the persistent downtrend.