ICP price eyes $14: Are predictions calling for a happy new year?

• ICP’s worth elevated and is predicted to hit $14.
• Open Curiosity climbed by 87.33%, suggesting energy for the upward worth motion.

Web Laptop [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 fascinating. This was as a result of it occurred at a time when prime cryptos like Bitcoin [BTC] and Ethereum [ETH] traded sideways.

Per its fundamentals, ICP doesn’t solely rely on Bitcoin’s motion. As an alternative, it additionally has utilities that have an effect on its worth.

Examples of those utilities that have an effect on its worth embrace the shop of worth, and staking involving its Community Nervous System (NNS).

The NNS is the open permissionless system that controls the Web Laptop blockchain. Nevertheless, AMBCrypto evaluated the venture’s ecosystem and found that there was no main growth.

Subsequently, it was simple to conclude that the value enhance was as a consequence of a rising curiosity within the cryptocurrency.

No dependence on BTC

In 2023, ICP was one of many altcoins with an important efficiency. On a Yr-To-Date (YTD) foundation, the worth elevated by 234%, making it a greater performer than BTC.

On account of this, AMBCrypto went forward to test 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 purchased 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 great begin to 2024

Moreover, the 4-hour ICP/USD confirmed that the cryptocurrency was in a position to 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 strain was intense, and it additionally flipped the zone.

Futher evaluation of the chart indicated that ICP was overbought. This was confirmed by the Cash Stream 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 analogous situation with a studying of 80.51. With no pink candles in sight, ICP would possibly begin the brand new yr 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 related to open contracts round an asset.

Is your portfolio inexperienced? Take a look at the ICP Revenue Calculator

The Open Curiosity additionally performs a significant function in figuring out worth energy 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 energy for the ICP worth to maintain growing. Because it stands, ICP has the potential to hit $14. However that may solely happen if merchants don’t resolve to take earnings alongside the best way.