Over the past 24 hours, the performance of Internet Computer (ICP) has been notably strong, as the token experienced a significant double-digit price increase. Therefore, CryptoCrypto has decided to conduct a thorough analysis of the current state of ICP for price prediction purposes.
Recent Bullish Movement of ICP
According to data from CoinMarketCap, ICP witnessed a substantial bullish rally with its price climbing by more than 13% within the last day. As of the latest update, ICP was exchanging hands at $8.71, boasting a market capitalization exceeding $4 billion, positioning it as the 21st largest cryptocurrency in the market.
Additionally, the trading volume of the token saw a significant surge alongside its price appreciation, establishing a strong foundation for the uptrend.
With the price surge, the social metrics of the token also experienced positive developments.
For example, an analysis conducted by CryptoCrypto using Santiment’s data indicated a notable increase in Internet Computer’s weighted sentiment, reflecting a rise in bullish sentiment surrounding the token.
Furthermore, the social volume of ICP saw a spike, demonstrating an increase in the token’s popularity within the cryptocurrency community.
Nevertheless, despite the prevailing bullish sentiment, a critical metric favored the bears. Upon examining Coinglass’ data, a substantial decline in ICP’s long/short ratio was observed.
This shift suggested a higher number of short positions compared to long positions, signaling a bearish outlook in the market. Additionally, ICP’s fear and greed index revealed a positioning towards greed at the time of assessment.
Typically, reaching this level indicates a potential for a price correction.
Price Prediction Analysis for ICP
In order to determine short-term targets for Internet Computer’s price prediction, CryptoCrypto referred to the insights provided by Hyblock Capital’s data. In the near future, it will be crucial for ICP to surpass the $9.4 level if the bulls maintain their dominance.
As liquidations are expected to increase at this level, breaching $9.4 could lead to a price correction. Conversely, a price retracement might drive ICP towards $6.9.
Considering the technical indicators, the MACD signaled a bullish momentum within the market.
The Money Flow Index (MFI) also demonstrated a notable uptick, suggesting the potential for further price appreciation.
In terms of the long-term price prediction for Internet Computer, sustained upward movement could pave the way for the token to retest the $10 level. Surpassing this milestone could set the stage for ICP to target $19 once again in the forthcoming weeks or months.