Internet Computer (ICP) Price Prediction: Will ICP Price Hit $24?

The recent optimism from market leaders has positively impacted the entire crypto landscape, with the top 100 cryptocurrencies showing intraday gains

Top cryptocurrency Internet Computer (ICP) has seen a recent surge in price, boosting its rank among the top 100 cryptocurrencies and بازار کریپتو.

With Bitcoin (BTC) reaching $62,000 and staying above the 50-day and 200-day EMAs, indicating bullish momentum, ICP price saw a 7% intraday increase, supported by the 20-day and 50-day EMA bands.

This spike was driven by the US Federal Reserve’s unexpected decision on September 18th to cut interest rates by 50 basis points, surpassing the anticipated 25-basis point cut. This aggressive rate cut boosted BTC demand significantly.

The key question now is whether this intraday surge will attract more buyers and lead to a sustained rally, or if ICP price will continue to consolidate.

Intraday ICP Price Analysis on Spot & Derivatives

ICP crypto’s recent price surge has pushed it to 23rd rank intraday, with a nearly 7% increase, boosting its market cap to $3.896 Billion.

Fueled by recent news, market optimism has positively impacted high-cap altcoins, with ICP seeing a 30% rise in 24-hour volume, reaching $100.740 Million.

This increase highlights growing demand in spot sessions, although gains were somewhat limited by lower liquidity.

Similarly, per Coinglass, the derivatives market for ICP crypto coin has shown moderate optimism alongside the spot market.

Over the past 24 hours, derivatives volume increased by 26.45%, bringing the total traded value to $97.70 million. This has been reflecting the growing demand for ICP crypto in the derivatives market.

ICP’s OI-weighted funding rates have shown an increase in bullish sentiment, currently at 0.0092%, signaling a shift towards market optimism.

Correspondingly, the ICP’s open interest rose to $43.57 Million, an 8.52% increase from the previous session.

Overall, these metrics highlight a growing bullish sentiment for ICP, suggesting that continued optimism could lead to further price increases.

How are the Internet Computer Crypto Fundamentals?

ICP, known as the World Computer Blockchain, is fundamentally strong according to Chainbroker. Their analysis of ICP crypto highlights its solid backing and robust security measures. Significant investments from notable entities like a16z and Polychain Capital and few other have provided substantial support for the asset.

On social media, ICP enjoys good community trust, with a Twitter score of 268, indicating high engagement and a promising outlook among followers on platforms like X.

In addition, aspects such as operational resilience, governance strength, and market stability are well-developed, with strong metrics in these areas.

How the Holders Responded this Year

The strong belief in ICP projects is evident from its holder patterns. In Q4 2023, at lows, buyers continued to accumulate the asset, showing unwavering confidence.

During this period, the number of holders increased to 1.621 million, with the top 100 holders controlling 40.38% of the ICP asset.

This indicates that holders prefer to retain their positions rather than sell off, reflecting their high expectations for future price growth and substantial returns.

ICP Price Prediction: is $24 Possible in the ICP Price Chart?

From Q4 2023 to Q1 2024, ICP’s price experienced a remarkable 630% gain, rising from $2.8 to $20.87. However, in Q2 2024, the supply zone caused a price deflection, leading to the establishment of a support level at $6.5 by early Q3 2024.

As of the last month of Q3, the price has been consolidating into a horizontal narrow wedge, with news of the Fed rate cut pushing it towards the upper boundary.

ICP might just need a boost for a significant move. If a breakout occurs, driven by optimism, it could complete a symmetrical triangle pattern. The ICP price prediction is that a breakout could lead to short-term targets of $10.50 and $11.50.

Achieving these targets would establish a Change of Character (ChOCh) above $10.50 and the 200-day EMA band, boosting long-term confidence.

In the long term, targets could be set at $15.00, $20.00, and $24.00, respectively. However, if the price fails to show a ChOCh, consolidation might continue, or bearish pressure could push it further down.

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