Internet Computer (ICP) Price Rises Over 30%
The price of Internet Computer (ICP) climbed more than 30%, trading above $5 on Tuesday. This follows a strong rally last week. Higher on-chain activity, more network use, and better market sentiment are driving the rise. Buyers are now targeting the key $6 resistance level.
Trading Volume Hits 1.5-Year High
Data from Artemis shows ICP’s daily trading volume reached $672 million on Tuesday. This is the highest volume so far in 2024 and the biggest since May 2024. The increase indicates strong trader interest and higher liquidity on the Internet Computer network.
Santiment reports that ICP’s network growth index hit 1,910 on Sunday. This is its highest level since late July. Although the index dropped to around 1,043, it still shows solid user growth and positive momentum for ICP.
On the futures market, CoinGlass data reveals that ICP’s open interest reached $147.98 million on Tuesday. This is the highest since mid-September. Rising open interest means new money is entering the market, supporting the price rally.
ICP Price Outlook: Bulls Target $6 and Above
ICP broke above a key descending trendline on Sunday and found support at this level on Monday. As of Tuesday, ICP was trading above $5.17.
If the uptrend continues, ICP could push toward the daily resistance at $6.83. The Relative Strength Index (RSI) is 70, nearing overbought levels, showing strong buying pressure. The Moving Average Convergence Divergence (MACD) also had a bullish crossover last week, signaling more gains.
If ICP corrects, the price may drop to the 50-day Exponential Moving Average (EMA) near $3.85 for support.
