Is It Too Late to Buy Internet Computer? ICP Price Rallies 55% as New Meme Coin Prepares to Launch
As Internet Computer – a leading decentralized data storage project – ICP price has rallied +55%, FOMO traders are asking is it too late to buy Internet Computer?
The ICP token has exploded over the past few weeks after a strong consolidation above $9 throughout the end of December set the stage for a seismic +55% rally into New Years as the ‘storage narrative’ sweeps into the charts.
$ICP – HALF THE SUPPLY IS LOCKED UP! pic.twitter.com/e7SA6m1kk4
— Beaver.icp ∞ (@Beaver_icp) January 2, 2024
This comes as almost half the ICP supply is locked-up (48.4%) in staked supply and earning rewards, leaving just 51.6% of supply in circulation for trading.
With price still pushing up, Internet Computer is currently trading at a market price of $14.44 (representing a 24-hour change of +0.35%).
This comes as ICP price shifts firmly into the upside of the trading channel, after a strong bounce from 20DMA support on December 30.
The 20DMA has provided a foothold for much of the past few weeks of upside price action, however, with price now divergent from the moving average, the 20DMA is left offering lower support at $10.79.
Meanwhile the 200DMA is currently sat far below the breakout trading channel at $4.62 (although gradually shifting into ascendance).
With price sat bullish above these moving average supports, the RSI offers a warning sign that price action could be overheated, with a firm overbought bearish signal at 80.99.
This suggests a need for an imminent retrace, although this meets with challenge from the bullish MACD which reflects the impressive bullish momentum at 0.380.
Overall, ICP price is showing alluring strength here, although divergence above the 20DMA and a severely overheated RSI suggest a retracement move is overdue.
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