The price of Internet Computer (ICP) reached its annual high of $11.90 on December 16th, but has since been on a decline. Despite the price drop, ICP continues to trade over an important horizontal zone. Will this zone be confirmed as support?
After falling to $2.82 in September, the price of ICP began to rise. The rise was initially slow, but accelerated in the last two weeks. In the past week, ICP has shown a 90% increase.
On December 16th, the price of ICP rose to the year’s highest level of $11.90. This price level appeared to investors as the highest price level seen since May 2022. The weekly RSI level continues to rise and is above 50, which could be interpreted as an indicator of a bullish trend.
Cryptocurrency analysts express mixed views about potential trends. According to Nihilus, a potential break in a rising support line could bring a short-term downtrend. Tommyinvests, on the other hand, has a bullish outlook and states that the ICP ecosystem deserves it. Another analyst, icircle, predicts that ICP will reach $100 in 2024 and $1,000 in 2025.
The short-term six-hour chart presents a mixed reading for the altcoin. So far, the price movement has shown that ICP has exited a rising parallel channel. This price trend is considered bullish and could move upwards. However, there are also bear market signs such as a double top formation combined with a declining trend in the RSI. If the price drop continues, the altcoin price could fall by 20% and retreat to the pullback support of $7.40. Despite the presented downward ICP price prediction, a price bounce at the 0.382 support level could bring a 40% increase to the year’s highest level of $11.90.