The price of Internet Computer (ICP) reached a new yearly high of $11.90 on December 16 before experiencing a slight decline. However, it is still trading above a significant horizontal area, leaving analysts uncertain about its future growth.
ICP has been steadily rising since its low of $2.82 in September, with its growth accelerating in the past few weeks. Last week alone, the token saw a 90% increase in price.
This surge allowed ICP to break through both diagonal and horizontal resistance levels, reaching its highest price since May 2022.
Despite a small decline this week, the altcoin remains above these resistance levels.
The weekly momentum indicator RSI shows a rising trend and is above the neutral level of 50, indicating a bullish market.
Analysts on Platform X have differing opinions on ICP’s future prospects. Nihilus is bearish in the short term due to a potential breakdown of the ascending support line, targeting the $8 area after the trend line break. Meanwhile, Tommyinvests maintains a bullish outlook, emphasizing the cost advantage of ICP compared to other platforms.
On the six-hour chart, the price action shows a bullish breakout from an ascending parallel channel, suggesting a bullish trend. However, the formation of a double top combined with bearish divergence on the RSI signals a bearish pattern. The altcoin could experience a 10% decline to the 0.382 Fibonacci retracement level at $8.47 or even a 20% fall to the 0.5 Fib retracement level at $7.40.
Alternatively, a strong rebound from the 0.382 support level could trigger a 40% price rise to the yearly high of $11.90.
While there is uncertainty surrounding ICP’s future, some analysts believe it could reach $100 in 2024 and $1000 in 2025.
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