beincrypto.com
The Internet Computer (ICP) price has been consolidated since the beginning of the year, and the recent recovery is set to continue this consolidation.
This ascertains one outcome: the altcoin will more than likely hit $15 before the end of the month.
Internet Computer Price Climbs Back Up
Internet Computer price fell to the low of $10.91 over the past two weeks before beginning a recovery in the last few days. As the cryptocurrency made its way back into consolidation, bullish signals began arising.
Relative Strength Index (RSI) can be seen back up above the neutral line of 50.0 after falling into the bearish zone for the first time since October 2023. The RSI is a momentum oscillator that measures the speed and change of price movements used to identify overbought or oversold conditions.
Readings above 70 indicate overbought conditions, suggesting a potential reversal or correction. Whereas a reading below 30 indicates oversold conditions, suggesting a potential upward reversal.
The indicator’s presence above 50 is a bullish signal, indicating that a further rise is likely.
ICP Price Prediction: Further Upside on the Cards
In addition to the RSI, Internet Computer price is also observing a similar signal from the Ichimoku Cloud. This indicator is a comprehensive indicator in the technical analysis used to gauge momentum, trend direction, support and resistance levels, and potential reversal points.
In the case of ICP, the indicator forms a bearish crossover owing to the recent decline. However, following the recent recovery of 22.56% in the last three days, ICP has made it back up above the cloud.
When the price is above the cloud, it’s considered bullish, suggesting the altcoin has room for growth. If the support level of $12.91 is maintained, the Internet Computer price will be able to make its way up to $15. Since this would warrant a 14% rally, the chances of this happening are by the end of the month.
Lack of Optimism Might Interfere
Despite the bullish signals, the investors are not indicating much confidence in this rise. This is evident from the lack of bullish bets on Internet Computer prices. The Funding Rate at the moment, despite being positive, is at a multi-month low.
A positive funding rate shows that investors are still pining for an increase. However, a declining positive funding rate shows this sentiment waning. Thus, if the altcoin witnesses a negative funding rate, it would hint at a potential drawdown.
This would invalidate the bearish thesis and pull ICP down to $10.97, which would result in a correction to $10.