A Bounce Back for the Bulls After Rough Week

ICP crypto price kickstarted the Monday session on a strong footing reversing from Friday’s fall. The 50-day EMA turned support and halted the continuous fall of the past four sessions.

Earlier the ICP price dropped for the four consecutive sessions retreating back from its latest peak of 16.31. 

Internet Computer (ICP) intends to be a global platform for building any online services without relying on traditional IT infrastructure. It is incorporated with a radical rethink of blockchain design. 

It uses a network of specialized hardware devices, known as node machines which are distributed across different data centers and run by different independent operators. The node machines communicate using a protocol called ICP.  

ICP Crypto Outlook: A Bounce Back for the Bulls After Rough Week
Source: CoinMarketCap

Internet Computer Price (ICP) Technical Analysis

From a technical point of view, the ICP/USD pair ended the week with a substantial loss of nearly 20%. While the bears dominated, they lacked control after gaining in the Monday morning.

Furthermore, the bulls turned aggressive near the 50-day EMA after which the price recovered Friday’s losses and strived to gain more by the session end. The 4-H chart shows that the ICP/USD pair met fresh buyers near the 200-day EMA, which helped the price gain further. 

The relative strength index has slipped lower after entering into an overbought zone. Moreover, The RSI line is currently placed at 60.85 in the bullish zone. 

The buyers have shown interest in Today’s session due to which the price may recover from last week’s drawdown. The broader trend is bullish which might add more buying volume at the dips. 

ICP Crypto Price Prediction January 2024

ICP Crypto Outlook: A Bounce Back for the Bulls After Rough Week
Source: ICP/USD by TradingView

Analysts have a wide range of price predictions for January 2024. The most optimistic view of analysts is that the price could reach a high of $16.32 by the month’s end. Whereas the pessimistic price target lies near $8.54. 

ICP Crypto Price Prediction 2024

According to our analysts, the most optimistic view of analysts estimates an upside potential of  87.76%. The price of the Internet Computer token could reach up to $23.83 by the end of 2024. The pessimistic view of analysts is that it could attain the $18.10 mark.

ICP Crypto Price Prediction 2025

The most optimistic note of the price prediction for the year 2025 shows that the Internet Computer crypto price could lead to a high of $30.68. However, the pessimistic view of analysts expects the price to reach $23.25. 

ICP Crypto Price Prediction 2026

The ICP crypto price may reach a high of $36.71 if a positive trend prevails in the crypto market. On the flip side, the most pessimistic view of the analysts expects the price to reach $27.94 by 2026.

ICP Crypto Price Prediction 2027

As per the price prediction of our analysts for the year 2027, the ICP crypto price could reach as high as $42.13. Whereas the lowest value up to which the price could advance is $34.70.

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. 

Source: https://www.thecoinrepublic.com/2024/01/08/icp-crypto-outlook-a-bounce-back-for-the-bulls-after-rough-week/