- Regardless of the value hike, bearish sentiment round ICP was dominant available in the market.
- Derivatives metrics regarded bullish, however a number of indicators steered in any other case.
Web Pc [ICP] has showcased a superb efficiency within the latest previous, thereby rising its market capitalization. Due to the latest worth uptick, it grew to become the sixteenth largest crypto by market cap.
Contemplating ICP’s progress charge, ought to buyers count on ICP to enter the highest 10 checklist anytime quickly?
A have a look at ICP’s efficiency
2024 started with a bull rally for ICP as its worth rallied considerably. In line with CoinMarketCap, ICP was up by greater than 72% within the final seven days.
Within the final 24 hours alone, its worth surged by 20%. On the time of writing, ICP was buying and selling at $15.31 with a market capitalization of over $6.9 billion.
The excellent news is that the value hike was accompanied by a 100% enhance in buying and selling quantity, which by and huge is a typical bull sign.
Due to the large hike in worth, its Social Dominance spiked lately as expectations from the token elevated. Its Worth Volatility 1w shot up as effectively.
Nonetheless, regardless of the worth uptick, bearish sentiment across the token surged, as evident from the dip in its Weighted Sentiment. Improvement Exercise across the blockchain sank during the last week as effectively.
Supply: Santiment
Will ICP keep its bull rally?
Contemplating ICP’s beautiful efficiency during the last week, AMBCrypto analyzed whether or not the token would maintain its bull rally within the days to observe.
Our evaluation of Santiment’s information discovered that Web Pc’s Open Curiosity elevated together with its worth. A hike in Open Curiosity will increase the probabilities of the present market development persevering with additional.
Supply: Santiment
Its Binance Funding Price was additionally within the inexperienced, which means that derivatives buyers have been actively shopping for ICP at a better worth at press time. Nonetheless, CryptoQuant’s data flagged a crimson sign for.
Notably, Web Pc’s Relative Power Index (RSI) was within the overbought zone at press time. This may enhance promoting strain on ICP, thereby placing an finish to its bull rally.
Extra bearish indicators have been revealed when AMBCrypto checked ICP’s day by day chart by way of TradingView, which confirmed that the value had touched the higher restrict of the Bollinger Bands.
How a lot are 1,10,100 ICPs value at the moment?
Its Chaikin Cash Stream (CMF), registering a downtick, went beneath the impartial mark.
Nonetheless, InternetComputer’s MACD displayed a bullish benefit available in the market, whereas its On-balance Quantity (OBV) remained excessive.
Supply: TradingView