Internet Computer (ICP) Surges 80% Despite Bearish Market: What’s Driving the Rally?

• Internet Computer’s ICP posts an 80% weekly gain, breaking key resistances and positioning itself among the top 20 cryptocurrencies.

• Internet Computer stands out for its Bitcoin support and unique functionalities, attracting growing interest in the crypto market.

Internet Computer’s (ICP) native token is showing remarkable bullish activity despite the current bearish environment in the cryptocurrency market. At the time of this publication, ICP has lost its crucial $10 support, currently trading at $9.93, after experiencing a weekly gain of over 80%.

Weekend of Impressive Gains for ICP

Over the weekend, ICP experienced a 30% increase, reaching a high of $11.50. It has now moved into the top 20 largest cryptocurrencies by market capitalization. Over the same period, the token’s trading volume increased 73% to $730 million.

Internet Computer has the Best Weekly Performance

With six consecutive green candlesticks on the daily timeframe, Internet Computer distinguished itself as the week’s biggest gainer, defying the current market volatility. Its price rose approximately 120% from a low of $5.20 on December 12 to a new yearly high of $11.30.

Tradignview: ICPUSDT_2023-12-18

During this rise, the price of the token has broken some significant resistance, providing buyers with an opportunity to extend the rebound.

A Unique Blockchain Network

When it comes to blockchain technology, Internet Computer is one of the largest and most distinctive networks. The network, launched in 2021, offers all the functionalities developers need to create decentralized applications (dApps). Its abundance of functionality sets it apart from other layer 1 and layer 2 networks such as Ethereum, Polygon and Cardano. Users can use its infrastructure to build and host their applications.

Bitcoin Support Boosts ICP Price

ICP’s price has increased as a result of its support for Bitcoin, the largest cryptocurrency globally. This connection allows its canister smart contracts to send, receive and hold Bitcoin on the network. This means that Bitcoin smart contract functions such as decentralized swaps and trading can be handled by Internet computers.

Volatility and Bullish Dominance on the Internet Computer

Bollinger Bands on Internet Computer are shifting, indicating high levels of price volatility. The Relative Strength Index (RSI) is in the overbought area, signaling a bullish dominance in the price of Internet Computer.

Tradingview: ICPUSDT_2023-12-18

Key Associations

Among the most notable developments in light of the recent increase in the company’s valuation is the team’s announcement of a partnership between Internet Computer, Gaudi Knowledge and Moon Labs. This partnership involves “Recreating Gaudi’s architecture, arts and incomplete architectural plans in the Metaverse in ICP.”

Rally Potential and Moving Averages Support

There is no evidence of weakness in price behavior and a strong probability of a rally with the notable increase in volume. If ICP price holds above the $9.5 barrier, buyers can chase the next possible targets, which are $11.50 to $14.50.

Tradignview: ICPUSDT_2023-12-18

The 50-day and 100-day moving averages are supporting ICP. According to some observers, the currency is about to form a bull flag and then accelerate again. It has already formed the pole of this flag pattern. Internet Computer will likely test the $11.90 weekend high if this occurs.

Internet Computer, Cryptomarket Optimism

Internet Computer’s recent track record stands out as a beacon of optimism in the cryptomarket. Its ability to defy the general downtrend and post significant gains underscores not only its technical strength but also the growing investor interest and confidence in its unique capabilities. With strategic developments and partnerships underway, ICP is shaping up to be a key player in the continued evolution of the blockchain sector.