- Internet Computer price prediction revealed a possible bull run in the coming days.
- But the fear and greed index hit the “greed” stage.
As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The latest surge in Internet Computer (ICP) has definitely caught my attention. While the bullish sentiment is undeniable with a 13% price increase in just 24 hours, it’s important to remember that the market can be as unpredictable as a roller coaster ride at an amusement park.
In the past 24 hours, Internet Computer’s [ICP] token demonstrated impressive performance with its price increasing significantly by double-digit figures. Consequently, AMBCrypto has decided to delve deeper into the current status of the token to make an informed prediction about its future price trend.
ICP’s latest bull move
According to CoinMarketCap’s latest report, ICP experienced a significant surge in price due to strong buying activity. This bullish momentum propelled the token’s price by approximately 13% within the past 24 hours. As we speak, ICP is being traded at around $8.71, and its market capitalization exceeds $4 billion, positioning it as the 21st largest cryptocurrency in terms of market value.
It turned out great that the token’s trading activity significantly increased together with its price, providing a strong base for the price increase.
Thanks to the price rise, the token’s social metrics also improved.
To put it simply, the examination conducted by AMBCrypto on Santiment’s data showed an uptick in the weighted opinion about Internet Computer. In other words, there was a rise in positive feelings or optimism surrounding the token.
Additionally, there was an increase in its social activity, signifying a rise in the token’s reputation within the cryptocurrency market.
However, while the market sentiment turned bullish, a major metric turned in the bears’ favor. As we looked at Coinglass’ data, ICP’s long/short ratio dropped substantially.
As a seasoned trader with years of experience under my belt, I have learned to closely monitor market trends and indicators to maximize profits. Based on my analysis, it appears that there are more short positions in the market than long positions at this time, which indicates a bearish edge. However, it’s essential not to jump to conclusions without considering other factors. In this case, ICP‘s fear and greed index is currently in a greed position. This suggests that investors might be overly optimistic about the asset, but it also means they could potentially be more inclined to take on risky positions.
Whenever the metric hits this level, it indicates that there are chances of a price correction.
ICP price prediction shows…
After verifying Hyblock Capital’s statistics, AMBCrypto identified potential short-term goals for predicting the Internet Computer price. If the bulls maintain control in the near future, it is essential for ICP to surpass the $9.4 threshold.
As I observed, if the liquidation level is reached at the specified point, it might trigger an increase, leading possibly to a price adjustment. Nevertheless, a decline in price may cause ICP to dip towards $6.9.
Mentioning the technical indicators, the MACD displayed a bullish advantage in the market.
Read Internet Computer’s [ICP] Price Prediction 2024-25
The Money Flow Index (MFI) also registered a sharp uptick hinting at a further price rise.
If we look at the potential long-term price trend of Internet Computer (ICP), it seems plausible that the token could regain its value of around $10, given a sustained increase in its price. Surpassing this level might enable ICP to aim for $19 once more within the upcoming weeks or months.
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2024-09-11 23:03