Internet Computer (ICP) Price Prediction 2023-24: Will ICP Reclaim ATH?

Internet Computer [ICP] showcased commendable performance in the last 24 hours as the token's price surged in double digits. Therefore, AMBCrypto planned to take a closer look at the token's

Internet Computer [ICP] displayed impressive performance in the last 24 hours, with a double-digit surge in its token price. This sparked our interest in analyzing the token's state for ICP price prediction.

Fresh bull move for ICP

CoinMarketCap data showed a strong bull rally for ICP, with a 13% surge in its token price during the last 24 hours. At the time of writing, ICP was trading at $8.71, with a market capitalization of over $4 billion, ranking it 21st among cryptocurrencies.

The good news was that the token's trading volume also surged along with its price, which provided a foundation for the price increase.

This price rise also had a positive impact on the token's social metrics.

For example, AMBCrypto's analysis of Santiment's data showed a spike in Internet Computer's weighted sentiment. This indicated an increase in positive sentiment around the token.

Furthermore, its social volume also saw a sharp uptick, reflecting a growing interest in the token within the crypto space.

Source: Santiment

Now, while the market sentiment turned bullish, a key metric favored the bears. As we observed Coinglass' data, ICP's long/short ratio dropped significantly.

This indicated a higher presence of short positions in the market compared to long positions, suggesting a bearish edge. Additionally, ICP's fear and greed index was at "greed" at the time of press. Whenever the metric reaches this level, it could signal a possibility of a price correction.

Source: CFGI.io

ICP price prediction points to…

We then checked Hyblock Capital's data to identify short-term targets for Internet Computer price prediction. In the immediate term, if the bulls continue their dominance, it will be essential for ICP to cross the $9.4 hurdle.

This is because liquidation will begin to rise at that level, which could help the token further in its price rally. However, a price failure could drag ICP down to $6.9.

Source: Hyblock Capital

As for the technical indicators, the MACD highlighted 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 increase.

If we're to consider Internet Computer's long term price prediction, a sustained price increase could enable the token to reclaim $10. A slip above that would allow ICP to aim for $19 again in the coming weeks or months.

Source: TradingView

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