The Internet Computer price has exploded almost 50% higher in the last seven days. But is it possible that ICP can repeat this feat in the next seven?
Internet Computer (ICP) has gained 7.42% to $46.55 in the last 24-hours. Furthermore, since the 21st, ICP’s market cap has increased from $3.7 billion to $6.36b.
Two months ago, when the Internet Computer was listed on multiple cryptocurrency exchanges, it instantly made headlines. On the first day of trading on Binance, the ICP price changed hands s high as $3,093. Since then, Internet Computer has been lower in 8 of the 9 weeks that followed.
However, ICP is on track to spectacularly snap this poor run of form.
ICP price forecast
The 60-minute price chart highlights two key factors. Firstly, at last week’s $26.90 low, the ICP price had declined more than 99% from its debut day high.
Secondly, we can see Internet Computer has broken out of a descending triangle pattern. Furthermore, after the price cleared the restrictive top edge of the formation, it retraced before bouncing from the line. This validates the bullish breakout.
Of note, the trading volume has increased, which indicates willing buyers are returning.
Considering how downtrodden the price has been over the last two months, the 29th of June high at $59.52 should be an achievable target on this move. Following that, the $70.86 high from the 14th of June, around 52% higher than the last trade, comes into play.
Because Internet Computer has only been trading for two months, several of the indicators traders would typically use are not valid. Therefore this makes an ICP price prediction tricky.
Although, the project, which aims to be the first blockchain that runs at web speed is full of potential. But the emphasis is on potential.
However, confidence is slowly returning to the battered crypto market and at its current valuation, ICP could be worth a long-term punt. Although if the price slips back below the trend line, now at $27.90, this bullish outlook becomes invalid.