The Internet Computer (ICP) price has been consolidating since the beginning of the year, but the recent recovery could develop into an uptrend. The Internet Computer Project (ICP) token is being reinstated. Its current dynamics give hope that the altcoin could reach $15 before the end of this month.
Internet Computer (ICP) price is rising again
Over the past two weeks, the price of the coin fell to a low of $10.91, but it has begun to recover in the last few days. The cryptocurrency returns to the consolidation zone and begins to give optimistic signals. The relative strength index (RSI) has recovered above the neutral 50.0 line after falling into bearish territory for the first time since October 2023. This indicator moves above this mark when the market becomes bullish, indicating that further growth is likely.
ICP forecast: Experts predict even further growth
The Ichimoku cloud also paints an optimistic picture. This indicator is considered a complex indicator in technical analysis. It is used to determine momentum, trend direction, support and resistance levels, and potential reversal points. After the price fell, the ICP indicator formed a bearish crossover. However, after recovering by 22.56%, the price rose above the cloud again.
The price above the cloud is considered a bullish factor, indicating that the token has room to grow. At the time of writing, the price of ICP is at $13.52, however, If the support level at $12.91 holds, the price of Internet Computer could rise to $15. This would mean an increase of 14%, which could occur before the end of this month.
Lack of optimism can get in the way
Despite the bullish technical signals, investors aren’t putting much stock in this growth. This is evidenced by the lack of bullish bets on Internet Computer. The financing rate at the moment, despite the positive dynamics, is at a multi-month low. A positive funding rate shows that investors are still expecting growth. However, a decrease in this positive value indicates a weakening of such sentiments. Thus, if the funding rate becomes negative, this will indicate a potential drawdown for the coin. This will refute the bearish scenario and push ICP to $10.97, which could ultimately lead to a correction to $10.
About Internet Computer (ICP)
Internet Computer is a blockchain platform from the DFINITY Foundation that offers tools for creating alternative online systems. The project is based on cloud technologies. The developers proposed using the cloud as cyberspace for deploying online systems. In particular, AI tools are involved in the work of Internet Computer.
