The cryptocurrency market has faced a significant downturn recently, with major players like Bitcoin (BTC) and Ethereum (ETH) experiencing noteworthy declines. Yet, the Internet Computer (ICP) remains resilient, achieving an impressive 100% gain within the last week.

Current Value

As per CoinGecko, ICP currently trades around $6.12, reflecting a 27% increase over a single day and an impressive 100% rise over the past week.

ICP Price ICP Price, Source: CoinGecko

This remarkable trend seems to have started towards the end of October and has accelerated since the beginning of the business week, coinciding with the launch of an AI platform named “Caffeine” by the DFINITY Foundation, the core developer behind the Internet Computer blockchain.

Several analysts suggest that ICP might not have peaked yet. For instance, Captain Faibik believes that it has broken through a downward trendline and predicts a boost beyond $12 in the upcoming months. Similarly, CryptoBoss mentioned that the rise above the $6 threshold could lead to further gains, potentially reaching $15.

“ICP is in the late phase of its correction after a prolonged bear cycle. The structure is tightening, indicative of volatility, and bullish indicators are emerging. A weekly close above $6.5 suggests a macro bullish shift, potentially setting up for a major trend reversal.” - Captain Faibik

Despite the excitement, some analysts warn of a potential pullback. The relative strength index (RSI) for ICP is currently around 73, indicating possible overbought conditions, suggesting a price correction could be imminent.

ICP RSI ICP RSI, Source: CryptoWaves