ICP Crypto Fluctuates Around Highs: A Continuation or Correction?

The ICP crypto price is trading lower for the third consecutive day. The crypto is currently hovering near the 20-Day EMA on the daily chart. The breakdown below the EMA may unlock downside potential till the 50-Day EMA. 

Moreover, the last week remained volatile with dips in the earlier sessions and recovery in the latter sessions. However, the overall week closed in green signifying further upside potential. 

The bears are in control of the trend from the very start of this week and have formed three red candles back to back. The price currently hovers near the 20-Day EMA from where the buyers might try to push the price higher in the bullish territory again. 

At the time of writing, ICP was trading at $11.97 recording a negative gain of 1.24%. The ICP token has a live market capitalization of $5.483 Billion and ranks 5th among all the cryptocurrencies. It had a 24-hour trading volume of $96.83 Million with an intraday decrement of 23.46%.

ICP Crypto Trend Analysis

The daily chart shows that Internet Computer Crypto maintained a positive outlook from early December 2023 and attained a high of $16.31 in January 2024. The crypto surged from a round level of $5 and peaked at $16.3 gaianing over 200% in the period. 

In January 2024, Internet protocol price dropped near the 20-Day EMA and sustained. The crypto has been consolidating for the fast four weeks near the recent highs. The $11 level is acting as a support and $15 has turned as a resistance for the crypto. 

Now,  fresh trending moves might be observed if the crypto breaks on either side. The breakout above the $15 level may indicate a trend continuation and the Internet computer crypto price may resume uptrend. 

Whereas, on the lower side, the breakdown below $11 level and 50-Day EMA may  unlock more downward potential till the $10 and $8 levels.  

ICP Crypto Price Prediction for February 2024

The positive view of analysts predicts an upside potential of over 20.10% in February 2024, near the upper boundary of the consolidation. It could take the ICP token price near a high at $14.56. 

On the other hand, the bearish view of analysts predicts that the price could drop to the $10 and $8 level after the breakdown below consolidation.

Internet Computer Price Prediction for 2024

The price prediction for 2024 shows that the ICP token may advance to a high of $22.49 by the end of 2024. The less optimistic analysts estimate a price target of $17.50 by the end of the year.

Internet Computer Price Prediction for 2025

Over the next two years, The ICP price may hit the $26.85 mark, suggesting an upside potential of 124.84% by 2025. The pessimistic view is that the price could reach $19.9 by the end of the financial year 2025.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.