ICP surges by 72%: Will it enter the top 10 club? 

• Regardless of the value hike, bearish sentiment round ICP was dominant out there.
• Derivatives metrics seemed bullish, however a number of indicators advised in any other case. 

Web Pc [ICP] has showcased an excellent efficiency within the current previous, thereby rising its market capitalization. Because of the current worth uptick, it turned the sixteenth largest crypto by market cap.

Contemplating ICP’s development price, ought to buyers anticipate 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% improve 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 just lately as expectations from the token elevated. Its Worth Volatility 1w shot up as nicely.

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 nicely.

Supply: Santiment

Will ICP preserve its bull rally?

Contemplating ICP’s gorgeous efficiency during the last week, AMBCrypto analyzed whether or not the token would maintain its bull rally within the days to comply with.

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 had 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 Energy Index (RSI) was within the overbought zone at press time. This would possibly improve promoting stress on ICP, thereby placing an finish to its bull rally. 

Extra bearish alerts had been revealed when AMBCrypto checked ICP’s each day chart through 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 Movement (CMF), registering a downtick, went under the impartial mark.

Nonetheless, InternetComputer’s MACD displayed a bullish benefit out there, whereas its On-balance Quantity (OBV) remained excessive.

Supply: TradingView