Internet Computer: Will ICP Price Go Beyond $6 in Jan 2024?
- 1 Internet Computer price prediction for 2024 suggests it may hit a new swing high and reward long-term investors.
- 2 ICP price is in the recovery phase and trying to break the $5.00 supply zone.
- 3 The 50-day and 200 EMA curve in ICP crypto displayed a golden crossover.
Internet Computer price prediction stays bullish for 2024 and suggests new highs are possible in the coming months.
ICP price is gradually recovering and forming a bullish pattern. It managed to sustain above the 50-day and 200-day EMA showcasing an uptrend.
The chart pattern indicates that ICP has formed a strong base near $4.00 and buyers had full control over it. So, in the future, if the price retraced back to the demand zone then it will be an opportunity to build fresh longs.
In November, ICP price had spent time in the range between $4.00 to $4.500. Luckily, buyers have won the battle inside the consolidation and succeeded in breaking the higher range.
At present, the price is trading with a bullish bias and attempting to break out of the $5.00 hurdle. If they succeed then a 15% to 20% rise is possible in a short period.
Currently, Internet Computer price is trading at $4.977 with an intraday uptick of 1.74%. In the last 24 hours, the volume-to-market cap ratio is 3.31.
ICP Price Analysis: Will $5.00 Breakout Trigger the Rally?
ICP price looks highly undervalued as compared to its competitors and also underperforming the overall crypto market in terms of returns.
On a daily time frame chart, it is visible that $5.500 and $6.000 may act as a barrier for the bulls. So, if buyers succeed in taking control of the supply zone, then a massive rally in ICP might trigger.
On the other hand, if the price faces rejection from the supply zone, then one may expect consolidation near $4.500. The analysis suggests that the ICP price is mildly bullish so aggressive traders may take the risk and go long.
When Will Internet Computer Price Gain Momentum?
Internet Computer price is turning bullish on a weekly time frame chart. But the price will pick up the momentum when buyers can break the $5.50 hurdle.
The volatility in the ICP crypto is quite low so it decreases the possibility of a fake breakout. Therefore, if the breakout happens, then it is likely to be supported by genuine buyers.
The MACD curve sustains above zero but slopes sideways indicating more consolidation is possible. However, the RSI at 58 sloping upward denotes buyers are active and preparing for a breakout.
Conclusion
Internet Computer price prediction favors the bulls and suggests ICP might perform well in the long run. The analysis says that buyers will soon take control over the supply zone and ICP price may easily go beyond the $6 mark.
Technical Levels
- Resistance levels: $5.510 and $6.004
- Support levels: $4.500 and $4.028
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.