This week, we've settled back into a holding pattern for ICP price, but at a significantly higher plateau (approximately 9% gain over earlier in the month).
In last week's ICP price speculation article, we discussed how prior ICP price predictions had not anticipated a massive rally for the Internet Computer blockchain's governance token. Nevertheless, ICP defied the odds and saw breakout action despite broader, negative market-wide impacts of a possible SEC ban on staking crypto for US residents.
Now, this week, we've settled back into a holding pattern for ICP price, but at a significantly higher plateau (approximately 9% gain over earlier in the month).
Superior Long-Term Technical Analysis Score
InvestorsObserver sees a superior long-term technical score of 70 for Internet Computer (ICP). While Coinhustle cannot give financial advice, this may indicate that ICP coin could be a good investment opportunity for buy-and-hold investors looking for steady growth. The current trading price of ICP is above its 100-day moving average and is below its 52-week high. Despite recent ICP price growth, however, investors appear to be neutral on the token at this time. However, the high average daily volume of ICP indicates that ICP crypto is gaining popularity and has high trading activity. Overall, the long-term prospects for ICP are positive!
BanklessTimes is Bullish on ICP Price
At the BanklessTimes, Crispus Nyaga's outlook on ICP price is bullish, as the Internet Computer cryptocurrency's price has been in a strong upward trend in the past few days, moving above important resistance levels and forming what he calls an inverted head and shoulders pattern.
Nyaga notes that Internet Computer is a major platform that seeks to disrupt the computing industry, with a more comprehensive ecosystem than other blockchains like Ethereum and Polkadot. It has innovative blockchain architecture features like canisters that enable more advanced computation and the development of comprehensive Web3 solutions with smart contracts.
However, there are still concerns about the success of Web3 overall, as Web2 projects like social media networks and file storage platforms continue to enjoy a substantial market share. According to Nyaga, the next key resistance level to watch for ICP is $10 USD.
Weekly ICP Price Prediction
What can we expect for the future of ICP coin price?
I have to disagree with Nyaga regarding a possible imminent breakout above $10 USD. In my opinion, the resistance level for ICP remains at $7 USD. In the short term, a holding pattern between $6.00 and $6.50 USD seems most likely to me, with some potential for day trading opportunities based on market reactions to ongoing US Federal Reserve interest rate hike discussions. But, I've been wrong before, and if Shaurya Malwa's speculation at CoinDesk is accurate regarding the end of the bear market for Bitcoin, we may see some exciting ICP price action sooner rather than later.
Here's what the AAA version of the Exponential Smoothing (ETS) algorithm used on the past 90 days of ICP price data has to show for us. Although it disagrees with my prediction about a holding pattern between $6.00 and $6.50 USD, it's still worth sharing in case the mathematical model is correct and my intuition is wrong — and given that the model predicts $8.00 USD ICP by the end of March, I'd love to be wrong!
Of course, the usual disclaimer for ICP price prediction applies. Namely, any substantial price gains or losses are difficult to predict, but ICP has proven its resilience in the past and may continue to surprise us in the future.
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