ICP Price Prediction: Analyst Eyes On 20% Upside Rally
Key Insights:
- Internet Computer’s ICP price prediction for the coming days appears bullish and is poised for a 20% upside move.
- The daily chart reveals that ICP seems to be forming a bullish triple-top price action pattern.
- However, ICP traders remain strongly bearish, having built $5.50 Million worth of short positions at the $5.08 level.
Amid market uncertainty, Internet Computer (ICP) is now poised to reverse its downside momentum based on its historical trend.
The daily chart shows that ICP has been trading within a parallel channel pattern, and with the price now near the lower boundary, traders are eyeing a potential price reversal.
Current Price Momentum
At press time, ICP was trading near $4.60 and had seen a price decline of 1.20% over the past 24 hours. Meanwhile, its trading volume also dropped by 5%, indicating lower participation from traders and investors compared to previous days.
This drop in trading volume indicates that the strength of the downside momentum is weak.
Despite the unclear ICP price prediction, traders and investors have been strongly betting on the bearish side, as reported by the on-chain analytics firm Coinglass.
$823k Worth of ICP Inflow
Data from the spot inflow/outflow reveals that exchanges have recorded an inflow of $823K worth of ICP over the past 24 hours. This substantial inflow indicates that the asset has moved from wallets to exchanges, suggesting potential dumping and possible selling pressure.
Traders Strongly Believe in Short Positions
In addition to the long-term holders’ bearish outlook, traders have also adopted a similar stance. At press time, the ICP Long/Short ratio stood at 0.93, indicating strong bearish sentiment among traders. Data further reveals that 51.81% of traders globally have been betting on the short side, while 48.19% are on the long side.
Currently, traders have been overleveraged at the $4.52 level on the lower side (support) and $5.08 on the upper side (resistance), building $794K worth of long positions and $5.32 Million in short positions.
This metric indicates that traders hold a bearish view on ICP, as they believe the price will not break above the $5.08 resistance level.
When combining these on-chain metrics, it appears that bears/sellers have been strongly dominating the asset. Additinoally, the incumbent members seem to be pushing the ICP price even lower in the coming days.
Internet Computer (ICP) Price Action and Technical Analysis
According to expert technical analysis, the ICP price prediction for the coming days appears bullish and is poised for impressive upside momentum…
The daily chart reveals that the ICP price has been hovering within a tight range of over 20% between the upper and lower boundaries.
With the recent price crash, ICP has reached the lower boundary and appears to be moving toward the upper boundary.
ICP Price Prediction
Based on the recent price action and historical pattern, if the asset price holds above the $4.45 level, the ICP price prediction suggests that the asset could soar by 20% until it reaches the $5.31 level in the coming days.
This bullish ICP price prediction could fail if the price falls and closes a daily candle below the $4.40 level. If this happens, we could see a notable price decline in the coming days.
At present, the ICP Relative Strength Index (RSI) is near oversold territory and suggests that the price may move sideways or slightly downward unless a strong trend forms.
