Internet Computer (ICP) Price Explodes 50% Out of Nowhere

December 16, 2023

ICP Has Broken Out of Bullish Pennant Pattern, Analyst Eyes $17 if This Scenario Plays Out

Internet Computer (ICP), the native token of the Internet Computer blockchain, saw its price surge over 50% today, lifting it above the $10 mark.

This sudden pump comes as ICP moves back into the top 20 cryptocurrencies by market capitalization, currently sitting just above Bitcoin Cash and below Litecoin.

At its peak today, ICP reached $11.54 before pulling back to around $10.80 at press time. The reason for this latest price boom remains unclear, as no major announcements or updates have come from the Internet Computer team. However, the project does appear to be gaining traction given its unique value proposition.

Source: CoinStats – Start using it today

The Internet Computer blockchain aims to be the first “World Computer” – a blockchain that can power entire online systems and services, eliminating the need for traditional IT infrastructure. This allows for complete end-to-end decentralization.

With 1 gigabyte of data costing only $5 on Internet Computer compared to $800,000 on Solana or over $15 million on Ethereum, it offers a vastly more affordable foundation for building web applications.

Turning to ICP’s market indicators, its RSI on the daily chart has now reached 88. An RSI above 70 typically signals overbought conditions, while a reading of 88 indicates ICP may be severely overextended in the short term. Some pullback or consolidation can be expected before any further major upside.

Nonetheless, Internet Computer’s unique capabilities and increasingly reasonable valuation continue to attract attention. With momentum swinging back in its favor, ICP seems poised to make further gains in the months ahead.

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