Internet Computer (ICP) Explodes by 100% in a Week: What’s Driving the Surge?

The cryptocurrency market experienced a painful correction lately, with Bitcoin (BTC), Ethereum (ETH), and many other leading digital assets posting substantial losses. However, some like Internet Computer (ICP) remain unfazed, charting triple-digit gains over the past ￰0￱ Much More? ICP currently trades at around $6.12 (according to CoinGecko’s data), representing a 27% increase on a daily basis and a staggering 100% surge in the last seven ￰1￱ Price,) launched the AI platform called “Caffeine,” which enables users to build ￰2￱ rally has caught the attention of numerous analysts who believe ICP has yet to reach more impressive peaks. X user Captain Faibik argued that the asset has broken a downward trendline with “strong buying volume,” envisioning a pump above $12 in the following ￰3￱ thinks the surge above the $6 mark could trigger a further jump to $15, while X user LSD revealed adding ICP to their portfolio, citing several reasons why a full-scale bull run might be on the way: “ICP is in the late phase of its correction after enduring a long, multi-year bear ￰4￱ structures are tightening up classic signs of volatility compression, and the candles are hugging that key EMA zone.

A clean weekly reclaim above $6.5+ flips the macro structure bullish and sets the stage for a major trend reversal.” Other, less popular analysts on X predicted that ICP’s valuation could soon exceed $50, which seems quite implausible (at least as of now). After all, it will require the asset’s market cap to surpass $23 billion, which would place it close to the top 10 cryptocurrencies. Currently, ICP is the 46th-biggest digital asset with a capitalization of approximately $3.2 ￰5￱ About a Pullback? It is worth noting that certain factors suggest that ICP’s uptrend may be halted in the short ￰6￱ an element is the asset’s Relative Strength Index (RSI), which measures the speed and magnitude of the latest price ￰7￱ varies from 0 to 100, and ratios above 70 signal that ICP could be in overbought territory, hence poised for a correction.

Conversely, readings below 30 are considered buying ￰8￱ of press time, the RSI stands at around ￰9￱ RSI,) Explodes by 100% in a Week: What’s Driving the Surge? appeared first on CryptoPotato .