ICP Surges 72%: Top 10 Entry Likely?

In the past 24 hours, the price of ICP (Internet Computer) has gone up by a significant amount, showing double-digit growth. Additionally, its trading volume has surged by more than 100%.

Internet Computer (ICP) has been doing really well lately, showing an impressive performance that has led to an increase in its market capitalization. With a recent rise in its price, it has now become the 16th largest cryptocurrency based on market cap. Given ICP’s growth, many investors are wondering if it could soon make its way into the top 10 cryptocurrencies list.

ICP’s Strong Start in 2024: Rally and Signals

The beginning of 2024 marked a notable bull rally for Internet Computer (ICP), with its price experiencing substantial growth. According to CoinMarketCap, ICP showed an impressive increase of over 72% in the past seven days.

In the last 24 hours alone, its value surged by 20%, bringing ICP’s current trading price to $15.31, accompanied by a market capitalization exceeding $6.9 billion.

The positive trend was further emphasized by a remarkable 100% increase in trading volume, a characteristic signal of a bullish market. This surge in price also led to a spike in Social Dominance, indicating heightened expectations for the token. However, Price Volatility 1w also saw a significant increase.

Despite the substantial uptick in value, there was a notable increase in bearish sentiment around the token, as reflected in the dip in its Weighted Sentiment. Additionally, Development Activity around the blockchain experienced a decline over the last week.

Source: Santiment

Analyzing ICP’s Future Amidst Bullish Signs and Bearish Signals

Following Internet Computer’s (ICP) remarkable performance in the past week, an analysis was conducted to gauge whether the token could sustain its bullish momentum in the upcoming days.

Santiment’s data revealed a notable increase in ICP’s Open Interest, aligning with its rising price. The surge in Open Interest suggests a higher likelihood of the current market trend persisting. Concurrently, the Binance Funding Rate indicated positivity, signifying active buying of ICP by derivatives investors at a higher price.

However, cautionary signals arose from CryptoQuant’s data, which raised a red flag. Notably, ICP’s Relative Strength Index (RSI) entered the overbought zone, potentially intensifying selling pressure and potentially halting the ongoing bull rally.

Further scrutiny of ICP’s daily chart on TradingView uncovered additional bearish indications. The price had reached the upper limit of the Bollinger Bands, and the Chaikin Money Flow (CMF) showed a downtick, falling below the neutral mark.