Internet Computer (ICP) Explodes by 100% in a Week: What’s Driving the Surge?
The cryptocurrency market skilled a painful correction currently, with Bitcoin (BTC), Ethereum (ETH), and plenty of different main digital property posting substantial losses.
However, some like Internet Computer (ICP) stay unfazed, charting triple-digit positive factors over the previous week.
How Much More?
ICP at present trades at round $6.12 (in line with CoinGecko’s knowledge), representing a 27% improve on a each day foundation and a staggering 100% surge in the final seven days.
Its renewed upward momentum began at the finish of October and intensified at the begin of the enterprise week. Back then, DFINITY Foundation (the creator and important contributor behind the Internet Computer blockchain) launched the AI platform known as “Caffeine,” which allows customers to construct functions.
The rally has caught the consideration of quite a few analysts who consider ICP has but to succeed in extra spectacular peaks. X consumer Captain Faibik argued that the asset has damaged a downward trendline with “robust shopping for quantity,” envisioning a pump above $12 in the following months.
CryptoBoss thinks the surge above the $6 mark may set off a additional bounce to $15, whereas X consumer LSD revealed including ICP to their portfolio, citing a number of the explanation why a full-scale bull run could be on the approach:
“ICP is in the late part of its correction after enduring a lengthy, multi-year bear cycle. The constructions [are] tightening up <> traditional indicators of volatility compression, and the candles are hugging that key EMA zone. A clear weekly reclaim above $6.5+ flips the macro construction bullish and units the stage for a main pattern reversal.”
Other, much less fashionable analysts on X predicted that ICP’s valuation may quickly exceed $50, which appears fairly implausible (at the very least as of now). After all, it should require the asset’s market cap to surpass $23 billion, which might place it near the prime 10 cryptocurrencies. Currently, ICP is the Forty sixth-biggest digital asset with a capitalization of roughly $3.2 billion.
How About a Pullback?
It is value noting that sure elements recommend that ICP’s uptrend could also be halted in the quick time period. Such a component is the asset’s Relative Strength Index (RSI), which measures the velocity and magnitude of the newest worth modifications.
It varies from 0 to 100, and ratios above 70 sign that ICP may very well be in overbought territory, therefore poised for a correction. Conversely, readings under 30 are thought-about shopping for alternatives. As of press time, the RSI stands at round 73.
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