ICP Price Surges 11%, Analyst Predicts Potential 750% Rally

ICP, the native token of the Internet Computer blockchain, has turned bullish in the past 24 hours and skyrocketed 11.81%, currently trading at $8.67 as the fundamentals of the altcoins price trajectory have turned optimistic.

Crypto analyst Javon Marks pointed to a Hidden Bullish Divergence on the ICP price chart, suggesting a potential reversal in the cryptocurrencys trajectory. This pattern, where prices make lower lows while the Relative Strength Index (RSI) makes higher lows, often indicates increasing buying pressure. This hints at a recovery and continuation back to and above the post-breakout highs standing at $20.96.

A Hidden Bullish Divergence with the RSI means that the price action is forming lower lows but the Relative Strength Index (RSI) is forming higher lows, suggesting an increase in the buying pressure for the digital asset.

Marks believes ICP could see a 129% surge, with a more ambitious target of $79.572 also in play, adding:

“With this target in play, an over 750% climb from here can take place with pullbacks only supporting further upside movement, and all that may be in the way is time.”

Overcoming the ‘Scam’ Label

ICP has faced skepticism from some in the crypto community due to its dramatic price drop since its 2021 debut. The altcoin is currently down 98.84% from its all-time high of $750.

In the past 24 hours, ICP surged from a low of $7.82 to a high of $9.09 and the cryptocurrency is up 19.69% in the past and 24.11% in the last 30 days. Further, the altcoin is up 182.69% since September 2023, outperforming multiple cryptocurrencies like Ether (ETH), which is up only 45.13% in the same period.

Read also: AI-Crypto Market Cap to Reach $25B: Growth Potential & Analysis

However, the recent surge suggests renewed interest in the protocols decentralized cloud computing approach, which offers a potential alternative to centralized providers.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.