- Despite the price increase, bearish sentiment surrounding ICP dominated the market.
- While derivatives indicators looked optimistic, some indicators showed otherwise.
Internet Computer (ICP) The company has recently shown remarkable performance and expanded its market capitalization. Thanks to its recent price rise, it has become the 16th largest cryptocurrency by market capitalization.
Given ICP’s growth rate, should investors expect ICP to break into the top 10 any time soon?
Let’s take a look at ICP’s performance
2024 started off with a bullish rally for ICP, with prices rising significantly. According to CoinMarketCapICP is up over 72% over the past 7 days.
Its value has surged 20% in the last 24 hours alone. At the time of this writing, ICP was trading at $15.31, with a market capitalization of over $6.9 billion.
The good news is that the price increase was accompanied by a 100% increase in trading volume, which is generally a typical bullish sign.
A massive price increase has recently led to heightened expectations for the token, resulting in a surge in social dominance. Price volatility 1w also soared.
However, despite the rise in value, bearish sentiment towards the token has surged, as evidenced by the drop in weighted sentiment. Development activity surrounding blockchain also decreased last week.
Source: Santiment
Will ICP sustain the bull market?
Considering ICPAMBCrypto analyzed whether the token will maintain its upward trend in the coming days, based on its impressive performance over the past week.
An analysis of Santiment’s data shows that open interest in Internet computers has increased along with prices. An increase in open interest increases the likelihood that the current market trend will continue.
Source: Santiment
Binance funding rate also appeared in green. This means that derivatives investors are actively purchasing ICP at higher prices at press time. However, CryptoQuant’s data A red signal was displayed.
In particular, the Internet Computer Relative Strength Index (RSI) was in the overbought zone at the time of reporting. This could increase selling pressure on ICP, putting an end to the rally.
A check by AMBCrypto revealed more bearish signals. ICPLooking at the daily chart via TradingView, we can see that the price has reached the upper Bollinger Band.
how much? Currently worth 1,10,100 ICP?
The bearish Chaikin Money Flow (CMF) fell below the neutral line.
Nonetheless, InternetComputer’s MACD was strong in the market and its OBV (Balancing Volume) remained high.
Source: TradingView