The price of ICP rose more than 10% after the token was listed on Upbit, adding nearly $100 million to its market cap in a matter of hours.
Conclusion
- The internet computer has added ICP trading pairs after South Korea’s largest exchange, Upbit.
- The listing opened up access to Korean retailers, which led to a sharp increase in prices and trading volume.
- ICP is currently testing resistance near the $2.70 level, which is in line with its 200-day moving average.
Internet Computer (ICP) surged on March 11 after ICP was listed on South Korea’s Upbit exchange. The listing opened the door to a new pool of retailers and led to a rapid increase in price and trading activity.
Upbit has added ICP to its spot market with KRW, BTC and USDT pairs, allowing Korean traders to buy the token directly with the local currency. Trading started at around 17:00 KST, bringing ICP to one of the most active retail crypto markets in Asia.
ICP price will go up after listing
Shortly after the start of the work, the ICP rose sharply and increased by about 20%. Prices moved from around $2.35 to $2.40 on the day to around $2.79, with a rally briefly reaching $2.90 in some trading sessions. The token was still up 10% at press time to $2.74.
This move also increased the market value of the project. At one point during the rally, nearly $100 million was added to ICP’s market cap in about an hour, as reported by CoinGecko. This shows a rapid jump in demand after the exchange listing.
Trade activity increased at the same time. Daily volume surged 867% as traders reacted to the news and surged as liquidity poured in from the new market.
Listings on major exchanges in South Korea often trigger rapid rallies as local traders prefer KRW trading pairs that offer direct access to fiat. Many tokens see short-term spikes after gaining influence on the platform.
Technical analysis of ICP prices
ICP shows early signs of upward recovery after weeks of downward pressure. On the daily chart, ICP broke out of a multi-week support zone near $2.05-$2.20 and formed a consolidation base before printing a strong cloud breaking candle to the resistance zone at $2.70.
The move follows a long decline that began in mid-January and has been marked by highs and lows. Current price action suggests the possibility of a short-term trend reversal, although confirmation will depend on whether buyers can sustain momentum at key resistance levels.
The torque figures are starting to improve. ICP crossed its 50-day moving average at $2.38, indicating a return to short-term strength. .
As the price approached the upper band, the Bollinger bands became wider, indicating more short-term momentum. The relative strength index, which indicates increasing buying pressure, while still below the overbought limit, reached around 60-63.
If buyers are able to hold the $2.70 resistance higher, traders will be sitting around $2.90-3.00 for the next level and eyeing $3.40-3.50 thereafter.
However, if the breakout fails, the market may return to support near $2.38 and then $2.20, and the $2.05 area is a key level to hold for further declines.
