Internet Computer (ICP) price reached its annual high on December 16 at $11.90, but has been declining since that date. Despite the price drop, ICP is still trading above an important horizontal area. Will this region be confirmed as support?
Current ICP Price Status
After falling to $2.82 in September, the ICP price started to rise. The upward movement was initially gradual, but it accelerated in the last two weeks. In the last week, ICP has shown an increase of 90%.
The acceleration in this price movement ended with the breaking of two different resistance levels. On December 16, the ICP price rose to the highest level of the year at $11.90. This price level appeared to investors as the highest price level seen since May 2022. Despite a slight decline at the beginning of this week, the altcoin continues to trade above both resistances. The weekly RSI level continues to rise and is above 50, which can be interpreted as an indicator of the bullish trend.
What Do Analysts Say?
Crypto currency analysts expressing their opinions at X have mixed views about possible trends. According to Nihilus, a potential break in a rising support line could bring a short-term downward trend. The analyst stated that a price around $8 could occur with the break of the trend line.
Tommyinvests is bullish. He said:
1 GIGABYTE of data costs $5 on ICP. The same cost is $800,000 on Solana. The same transaction costs $15,494,409 on Ethereum. Everyone will know the name #ICP. This ecosystem deserves it.
Another analyst, icircle, predicts that ICP will reach $100 in 2024 and $1,000 in 2025.
ICP Price Prediction
The shorter-term six-hour chart for the altcoin presents a mixed reading. So far, the price action has shown that ICP has left a rising parallel channel. This price trend is thought to be bullish and could move upwards.
However, perhaps things are not as good as they seem. ICP also formed a double top (red symbols), which is also defined as a bearish formation. The double top is also combined with a declining trend in the RSI on the six-hour time frame. If the decline continues, the 0.382 Fib correction support level is approximately 10% below the current price, at $8.47.
However, since there is no horizontal support area at this mentioned level, the price of the altcoin could fall by 20% and visit the pullback support at $7.40. Despite the downward ICP price prediction presented, a price jump at the 0.382 support could bring a 40% increase that could go as high as the year’s highest level of $11.90.
