TL;DR
- ICP price rose 12% to near $3 after South Korean Upbit listing news.
- Upbit added ICP trading pairs against won, Bitcoin, and Tether.
- Price broke above $2.60 resistance on higher daily trading volume.
The Internet Computer (ICP) token saw its price increase during morning trading in Asia on Wednesday. ICP moved from $2.60 to nearly $2.94 within a few hours. Daily trading volume doubled during that period.
The upward move coincided with an announcement from Upbit. The exchange, which operates in South Korea, confirmed it would add ICP to its spot trading platform. The news was published on March 11.
Upbit enabled three trading pairs for the token
Users can now exchange ICP with the South Korean won, Bitcoin, and Tether. South Korea accounts for a large portion of global crypto trading volume. Upbit holds the largest market share among exchanges in that country.
Listings on major platforms typically expose a token to millions of new users. This access to a wider buyer base can increase liquidity and transaction volume. In this case, the price reacted positively within hours of the notice.
The broader cryptocurrency market showed signs of a mild recovery. Bitcoin moved up slightly and approached $71,000. Other AI-related tokens, such as those from Artificial Superintelligence Alliance and Render, also traded higher. This context supported ICP’s move.
Internet Computer is a layer-1 project. Its technical proposal involves offering cloud computing services directly from a decentralized network. The protocol aims to compete with traditional digital infrastructure providers.
The token had been trading in a sideways range between $2.30 and $2.60 during previous days. Wednesday’s rally broke through that consolidation zone. Buyers managed to clear the $2.60 resistance level on rising volume.
The daily chart showed positive technical indicators. The price moved above the 50-day moving average, which stood at $2.60. The Relative Strength Index moved up but did not reach overbought territory. The MACD indicator reflected upward momentum with an expanding histogram.
Traders are now watching the $3 level closely. If the price holds above that mark, the next technical target would be the recent high of $4.55. It remains to be seen whether demand will persist in the coming days or if the token will resume sideways movement.