- ICP’s value elevated and is predicted to hit $14.
- Open Curiosity climbed by 87.33%, suggesting power for the upward value motion.
Web Pc [ICP] contradicted the broader market pattern and jumped by 32.72% within the final 24 hours. In accordance with CoinMarketCap, the value of ICP was $13.44 at press time.
The rise was one thing that AMBCrypto discovered attention-grabbing. This was as a result of it occurred at a time when high cryptos like Bitcoin [BTC] and Ethereum [ETH] traded sideways.
Per its fundamentals, ICP doesn’t solely rely on Bitcoin’s motion. As a substitute, it additionally has utilities that have an effect on its worth.
Examples of those utilities that have an effect on its worth embody the shop of worth, and staking involving its Community Nervous System (NNS).
The NNS is the open permissionless system that controls the Web Pc blockchain. Nonetheless, AMBCrypto evaluated the venture’s ecosystem and found that there was no main growth.
Subsequently, it was straightforward to conclude that the value improve was on account of a rising curiosity within the cryptocurrency.
No dependence on BTC
In 2023, ICP was one of many altcoins with an incredible efficiency. On a 12 months-To-Date (YTD) foundation, the worth elevated by 234%, making it a greater performer than BTC.
On account of this, AMBCrypto went forward to verify the correlation between BTC and ICP.
In accordance with Macroaxis, the 90-day correlation coefficient between ICP and BTC was 0.77. This studying was thought of poor. So, assuming you obtain ICP and BTC three months in the past.
By the point of writing, you’ll have made 3.49 instances extra with ICP than Bitcoin.
Supply: Macroaxis
ICP eyes a superb begin to 2024
Moreover, the 4-hour ICP/USD confirmed that the cryptocurrency was capable of breach the $10 resistance on the thirtieth of December. It confronted one other hurdle at $11.30 on the identical day.
However the shopping for stress was intense, and it additionally flipped the zone.
Futher evaluation of the chart indicated that ICP was overbought. This was confirmed by the Cash Circulation Index (MFI) whose studying was 94.75. Values of the MFI above 80 counsel that an asset is overbought. Usually, this could result in a reversal.
The Relative Energy Index (RSI) additionally displayed an identical situation with a studying of 80.51. With no pink candles in sight, ICP may begin the brand new 12 months because the best-performing altcoin.
Supply: TradingView
As well as, the 24-hour Open Interest round ICP elevated by 87.33%. Open Curiosity is the worth of liquidity linked to open contracts round an asset.
Is your portfolio inexperienced? Try the ICP Revenue Calculator
The Open Curiosity additionally performs a significant position in figuring out value power and market sentiment. A lower within the Open Curiosity would have invalidated the bullish thesis.
Supply: Coinglass
However because the metric elevated, it means there’s sufficient power for the ICP value to maintain rising. Because it stands, ICP has the potential to hit $14. However that may solely happen if merchants don’t determine to take earnings alongside the way in which.