Internet Computer Price Prediction: ICP Pumps 35% As This GambleFi Newcomer Takes Online Casino Industry By Storm

Updated: 01 January 2024

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Internet Computer Price is up 35% in the last 24 hours to trade for $13.403 as of 5:15 a.m. EST, with trading volume rising 375%.

Closing the year on a tear, ICP price has decoupled from the broader market trend, with the crypto top ten recording single-digit gains.

The surge comes in the execution of a bullish pennant technical formation on the four-hour timeframe, with analyst @ZAYKCharts anticipating a 20-30% bullish wave.

$ICP (Update)

Bullish Pennant Breaking out in 4H Timeframe✅

Expecting 20-30% Bullish Wave✍️#ICP #ICPUSDT #Crypto pic.twitter.com/QEsIwFspix

— ZAYK Charts (@ZAYKCharts) December 30, 2023

Meanwhile, the hard pump has seen the Internet Protocol price shatter a multi-month resistance on the three-hour timeframe, flipping the $11.612 barricade into support.

Internet Computer Price: Driving Force

Beyond the execution of the bullish pennant, another driving force for Internet Computer prices is the extensive trends in decentralization and Web3.

Discover the future of the internet with the Internet Computer Protocol (ICP)! This groundbreaking blockchain network aims to revolutionize computing, offering higher efficiency, speed, and decentralization. Learn more here: https://t.co/dBRoBQUnip

— CryptoAMG (@Cryptoholikano) December 24, 2023

With companies such as Microsoft advocating for decentralized and blockchain-oriented initiatives, investor and developer attention shifts to platforms such as ICP, which have demonstrated an interest in revolutionizing online computing in a decentralized space.

The Internet Computer provides a complete tech stack for developers to build on. It can host online services and games fully on chain without ever relying on centralized cloud providers. This provides complete decentralization.#ICP #InternetComputer 🚀 pic.twitter.com/vDurDm1fwX

— ICP is alien tech ∞ (@___alien_tech) December 29, 2023

Internet Computer Price Outlook As ICP Pumps Hard

Boasting a long green candlestick on the three-day timeframe, Internet Computer price still has some upside potential. Evidence of this is the inclination of the Relative Strength Index (RSI) to the north, suggesting buying pressure is still rising.

The bulls have also established a dominant presence in the ICP market, as indicated by the presence of multiple green histogram bars of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicators, whose volumes continue to rise in the positive territory.

Increased buying pressure above current levels could see Internet Computer prices foray past the $14.000 psychological level. Further north, the gains could see the ICP price extend to tag the $15.238 resistance level. In a highly bullish case, the gains could extrapolate past the $16.000 psychological level or higher.

However, based on the RSI position at 83, ICP is already massively overbought, which means a correction may be underway. If profit booking kicks off, Internet Computer prices could pull south, losing the $11.612 support.

Enhanced seller momentum could see ICP price extend, slipping past the $8.766 support to collect the buy-side liquidity that resides underneath. For the bullish outlook to be invalidated, however, the price must break and close below the $7.224 support level.

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