ICP has surged by double digits over the past 30 days, exceeding $3.30 on Monday and Tuesday, according to data from CoinGecko.
Despite the revival, it remains far below its all-time high, yet many market observers believe this could be the start of a major rally.
The Bulls’ Voices
X user CW recently maintained that the cryptocurrency continues to show accumulation signals, claiming a pattern that preceded previous gains is repeating.
“The next phase following this accumulation will be an upward move,” they added.
Shortly after, the analyst suggested that ICP has reached a specific buy wall zone and has a high probability of rebounding from current price levels.
JAVON MARKS and Nehal have also touched on Internet Computer, making much more optimistic bets. The former argued that the altcoin has shown “consistent strength,” which is something to monitor as the valuation broke out of a key Falling Wedge pattern.
“This pattern suggests an over 208% move back to the $10 areas, and they could even extend much higher,” the analyst said.
Nehal said he has spent the last few weeks digging deep into the ICP code, claiming it feels like “alien technology.” After his research, the X user made a bold forecast that the asset’s price could explode to $60, representing roughly a 1,560% increase from the current zone.
ICP’s recent exchange netflow reinforces the optimistic forecasts. Outflows have mainly dominated inflows over the past several weeks, meaning investors have shifted from centralized platforms to self-custody, easing short-term selling pressure.
The Bearish Outlook
Of course, not everyone thinks that ICP is on the verge of posting additional gains in the near future. X user Crypto With Gopal, for instance, suggested that the asset is forming a rising wedge pattern.
Based on the structure, the price is pulling back after a strong rally, with sellers pressuring wedge support and momentum fading as bulls struggle to hold the $3 mark.
“A breakdown below support could trigger further downside, while reclaiming resistance may revive bullish momentum. Bears watching for confirmation,” he concluded.
Source: CryptoPotato
