- Internet Computer (ICP) has been one of the best performers in the past month, and over the past week, its 53% gains have been the highest among the top 100 cryptos in the market.
- Trading at $17, it has flipped Shiba Inu on the charts and has its eye set on Chainlink and MATIC, and with the constructive “U” bottom base pattern, it could hit new heights this month.
Internet Computer has been grabbing the attention of crypto investors over the past month, surging over 195% in 30 days to set a 52-week high, and according to crypto analysts, its technical indicators signal a continuation of the bullish action for ICP.
When it launched, ICP grabbed the headlines after it surged into the top five largest projects just four days after its launch. At $49 billion in market cap and $400 in price, it even overtook Tether and XRP for a few days, despite most of the retail market having no idea what the project was. It’s been downhill since then, and in October last year, it hit a new low at $3.
However, the project, which has deep ties to some of the biggest investors in the space, including Andreessen Horowitz, is back on the uptrend again.
At press time, ICP trades at $13.83, its highest price over the past year. Over the past month, it has shot up from $5.16, a 196.8% gain, which is among the highest over that time. Its 54% gain in the past seven days is the highest in the market, with the closest being SEI, which gained 40%.
Its price movement has attracted significant interest from investors, with its trading volume shooting up 135% to hit $700 million. For context, just a month ago, this volume was barely hitting $60 million.
What’s Next for Internet Computer (ICP)?
While it was one of the hottest projects, and offers some of the most groundbreaking technology in the market, ICP has failed to garner the interest of users and investors. This is reflected in its total value locked, which stands at $28 million. However, as a positive for the project, it recorded the highest monthly increase in TVL, gaining 703%.
According to one analyst, the price of ICP will likely go on a parabolic run after forming a bullish “U” price pattern (as shown below).
(Image courtesy of Flying High on X)
This pattern has been in play since early 2022, and after reversing in 2023 to become a bullish pattern, it could stretch on for the next 18. months, possibly pushing the price of ICP above $500. The investor says that if it dips to $10-$11, investors should stock up on the token as its upside from this level is massive.
Meanwhile, the development team, led by founder Dominic Williams, have continued to make improvements to the network. As Williams stated as he launched the project, the vision is for the Internet Computer to be “an extension of the internet.”
