The price of the Internet Computer (ICP) has seen bullish price action today, spiking over 8% to $13.6 before retracing back to $12.7. What’s driving this momentum?

According to crypto analyst World Of Charts, it comes down to ICP’s “Bullish Pennant Breakout” over the key $12.6 level. As he explains enthusiastically on Twitter: “$Icp Bullish Pennant Breakout Has Already Confirmed Expecting Another 45-50% Bullish Rally In Coming Days.”

Indeed, technical traders will be closely watching to see if ICP can successfully retest support around $12.6. If so, World Of Charts sees scope for ICP continuing upwards to target 45% higher prices.

Scarcity Trends Adding Fuel

Beyond technical factors, improving on-chain scarcity trends could also be contributing to building ICP strength.

As crypto analyst ThaBiazzi points out, the amount of ICP on exchanges has dropped to around 13 million, falling quickly as investors withdraw tokens to cold storage or staking wallets.

As ThaBiazzi concludes based on this activity: “#ICP is becoming VERY scarce” which is bullish for prices ahead.

With technicals and on-chain data aligning, analysts are growing confident on further upside for the Internet Computer. A successful retest of $12.6 support could see ICP test its next resistance around $20.

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