- The value of ICP and DOGE rose double digits last week.
- Both altcoins appear poised to extend their price gains.
According to CoinMarketCap, Internet Computer (ICP) has outperformed Dogecoin (DOGE), gaining more than 50% in value over a seven-day period over the past week. DOGE, the leading memecoin, only saw a price increase of 30% during the period.
The double-digit rally in the value of both altcoins reflects the general market growth witnessed over the past week. According to CoinGecko According to the data, the global cryptocurrency market capitalization increased by 4% during that period.
Both tokens are ready to expand profits.
AMBCrypto’s evaluation of ICP and DOGE’s 24-hour chart price movements reveals the potential for further price increases.
At press time, ICP was trading at $17.85, its highest price in two years. Arun Upline (orange), which confirmed the recent upward trend, recorded 92.86%. This indicator measures the strength of an asset’s trend and potential trend reversal points in its price movements.
When an asset’s Aroon Up Line returns a value close to 100, it indicates that the current market uptrend is strong and that the most recent highs were reached relatively recently.
Additionally, reading the altcoin’s Directional Movement Index (DMI) shows that the positive directional index (green) is much higher than the negative index (red).
When these trend lines are positioned this way, the buying pressure in the market is much higher than the selling pressure. This also indicates a strong upward trend in asset prices.
Also noteworthy is the spacing between these lines. This is because the wider the width, the stronger the trend is considered to be. The gap between the positive and negative directional indices of the ICP is quite large at the time of this writing.
At press time, the token’s Funds Flow Index (MFI) showed an upward trend and returned a value of 80.36, indicating that the price rise was supported by real demand. This showed that market participants prefer accumulating ICP rather than selling their holdings for a profit.
Source: TradingView
DOGE follows.
Regarding the meme coin DOGE, a reading of some key technical indicators shows that it is following a similar trend and is poised to extend its gains.
For example, the coin’s MACD line crossed the signal line on March 26th. This was a bullish signal, suggesting that the short-term moving averages were starting to strengthen compared to the longer-term moving averages.
Read Internet Computer (ICP) Price Forecast for 2024-25
Additionally, DOGE’s Parabolic SAR indicator, which tracks potential trend directions and reversals, showed significant bullish sentiment. The dotted line that makes up the indicator is below the price of the coin at the price point.
When this dotted line is positioned this way, the market is considered to be in an upward trend.
Source: TradingView