ICP Closes the Year with a 30% Surge: Targeting $14 Price
At a time when most cryptocurrencies were either consolidating or experiencing major declines, Internet Computer (ICP) stood out by defying the trend. According to CoinMarketCap, the price of ICP increased by 29.10% in the last 24 hours.
This significant increase suggests that ICP could be the best-performing asset in the final days of 2023. The surge came as no surprise to ZAYK Charts, an analyst on X, who had previously identified a bullish pennant pattern on the 4-hour chart of ICP. This pattern indicates a consolidation between converging support and resistance lines before a strong upward move, leading the analyst to predict a potential 20% to 30% increase.
At the time of writing, ICP’s price was $12.95, with bulls defending the $9.14 support on December 29. This resulted in a strong green candle and ICP breaking through the $10.15 resistance that had kept it in consolidation from December 20 to 28. Signals from the Relative Strength Index (RSI) also indicated that ICP’s momentum could remain bullish.
Further potential for price growth was supported by the Chaikin Money Flow (CMF), which had crossed into the positive region, suggesting that ICP might continue trending upward. Additionally, ICP’s Open Interest increased by 84.58% in the last 24 hours, indicating that traders were taking advantage of the price movement for potential gains.
Based on these indicators, ICP could see another 10% increase in the short term, potentially reaching $14. However, the realization of this target would depend on market participants not booking profits.
Please note that the information presented in this article is for informational and educational purposes only and should not be considered financial advice. Readers are advised to exercise caution and conduct their own research before making any investment decisions.