Is Internet Computer (ICP) the Crypto’s Hidden Gem Set to Skyrocket to $10?
Is Internet Computer (ICP) quietly setting the stage for a breakout while the rest of the crypto market stumbles? It’s not every day you find a major cryptocurrency holding its ground — let alone climbing — amidst a sea of red. While Bitcoin and Ethereum are taking bruises, ICP’s steady climb above $3 and its impressive transaction volume suggest that something compelling is brewing beneath the surface. Could this be the rare moment when ICP bucks the trend, poised for gains that might even make early investors nod with a knowing smile? Strap in, because the buzz among analysts and the data on user behavior might just have us on the brink of witnessing something big. LEARN MORE.
Is ICP gearing up for much more substantial gains?
Trying to spot a leading cryptocurrency whose price remains in green territory on a weekly scale is not an easy task given the major collapse that the broader market has experienced over the past several days.
Internet Computer (ICP) is one of the few gainers, while certain analysts believe its valuation could reach much higher levels soon.
What’s Next?
Despite Bitcoin’s 11% weekly plunge and Ethereum’s 10% drop, ICP is up 3% over the same period and currently trades just north of $3. Its market capitalization has risen to almost $1.7 billion, making it the 53rd-largest cryptocurrency.
Among the main reasons for the ascent is the advancement related to the Internet Computer ecosystem. The popular X account BSCN revealed that the protocol has processed 7.2 million transactions in the last month, more than any other chain. Solana comes in second with less than 3 million.
ICP’s positive performance has drawn the attention of traders and analysts, prompting a wave of optimistic predictions. X user Crypto Tony, for instance, argued that a reclaim of $3.15 could open the door to a long position up to $3.50 and $4, “while we hold above.”
JAVON MARKS noted ICP’s cross above $3, seeing a potential for a 220% explosion towards $10. Such a rise wouldn’t be unprecedented for the asset, since in its early days it briefly hovered beyond $400.
Prior to that, X user Nehal also gave their two cents. The analyst observed ICP’s price trajectory to estimate that a confirmed breakout above the descending resistance around $4.50-$5 could trigger a substantial rally toward $8-$12, with $16+ possible if momentum accelerates.
“Rejection at resistance could send price back toward the $2-$2.50 support zone,” they added.
Abandoning Exchanges
The recent shift from centralized trading venues toward self-custody methods reinforces the bullish forecasts mentioned above. According to CoinGlass, exchange outflows have outpaced inflows in recent days, indicating that investors are in no rush to sell their holdings.
Meanwhile, ICP’s Relative Strength Index (RSI) remains in neutral territory but has been gradually nearing overbought levels, which usually precede a price correction. The technical analysis tool measures the speed and magnitude of recent price changes, with values ranging from 0 to 100. Ratios above 70 signal that a correction could be on the way, while anything below 30 is considered a buying opportunity. As of press time, ICP’s RSI stands at around 62.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
