Internet Computer (ICP) Surges 14% in a Day, Analysts Eye Further Gains
New York, NY – October 12, 2023 – The popular altcoin Internet Computer (ICP) is experiencing a significant surge today, marking one of the best-performing cryptocurrencies with a double-digit increase pushing its price to approximately $3.40. This notable upward movement has captured the attention of prominent analysts, who suggest the token could be poised for further appreciation in the near future, bolstered by supportive technical indicators.
Analyst Optimism and Technical Signals
Among those bullish on ICP is X user Lucky, who pointed to the cryptocurrency’s robust uptrend and ample room for growth, projecting a potential climb beyond $8. Lucky, who commands a following of nearly two million, also highlighted ICP’s “loudest and most passionate communities in crypto.”
Analyst CW echoed this sentiment, having previously predicted that a break above the $3.39 mark, which has now occurred, would signal a return to bullish territory for ICP. Meanwhile, EliZ stated that the price action has unfolded precisely as forecasted, anticipating an ascent past $4.
Adding to the optimistic outlook, WIZZ noted that Internet Computer historically performs well in the final quarter of the year. WIZZ confirmed their own investment in the asset, indicating no plans to divest in the coming months.
However, a closer examination of historical data reveals a mixed performance for ICP in Q4. While the token has finished the fourth quarter in negative territory in three out of the last five years, the final quarter of 2023 has already proven exceptionally strong, with its price skyrocketing by over 320%.
RSI and Exchange Netflow Support Bullish Case
Further reinforcing the optimistic projections, ICP’s Relative Strength Index (RSI) suggests that the price may indeed align with the analysts’ expectations. This technical analysis tool, which measures the speed and magnitude of price changes, is currently positioned just above the 70 mark, a level typically interpreted as indicating strong upward momentum and potentially signaling an impending correction, but currently supporting the bullish narrative.
The asset’s exchange netflow also warrants attention. In recent weeks, outflows from exchanges have consistently outnumbered inflows. This trend suggests a shift among investors towards self-custody, thereby reducing immediate selling pressure on the market.
