The post Internet Computer (ICP) Price Pump: Defies Market Trend with Double-Digit Gains appeared on BitcoinEthereumNews.com.

TLDR: Internet Computer (ICP) price broke above a descending trendline, gaining over 14% in a day ICP surged 11% amid broader crypto market correction, reaching around $8.50 On-chain metrics like rising open interest and long-to-short ratio support bullish outlook Technical analysis suggests potential for further gains, with some analysts setting ambitious price targets ICP’s burn rate increased coinciding with the price surge, potentially reducing supply Internet Computer (ICP), a blockchain-based decentralized network, has recently caught the attention of cryptocurrency investors and analysts with its impressive price performance. While the broader crypto market experienced a slight correction after a strong start to the week, ICP bucked the trend by posting double-digit gains. On Tuesday, ICP’s price broke above a descending trendline that had been in place since mid-April, signaling a potential shift in market sentiment. The asset gained over 14% in a single day, closing above its daily resistance level of $7.86 and its 50-day Exponential Moving Average (EMA) at $7.97. As of Wednesday, ICP was trading around $8.50, representing an 11% increase amid the general market cooldown. ICP Price at Coingecko Several factors appear to be contributing to ICP’s strong performance. On-chain metrics paint a bullish picture, with Coinglass data showing an increase in futures open interest from $35.87 million on Monday to $47.21 million on Wednesday. This rise in open interest suggests new money entering the market and additional buying pressure, which typically supports price appreciation. The long-to-short ratio for ICP on Binance has remained above 1 since August 27, indicating that more traders are betting on the asset’s price to rise. As of the latest data, this ratio stands at 1.29, reinforcing the bullish sentiment surrounding ICP. Trading volume has also seen a significant uptick, with data from crypto-aggregator DefiLlama showing a 73% increase in daily trading volume…

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Filed under: News - @ September 11, 2024 10:29 am