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Internet Computer (ICP) Price Hits 23-Month High – Can it Breach $18 Next?


The Internet Computer (ICP) price had a successful run over the past week, breaking through a crucial barrier.

But will this growth continue down the line if investors’ bullishness is lost?

Internet Computer Reaches New Milestone

The Internet Computer price rallied over the last few days as the network inched close to a new achievement. This milestone was reached during the intra-day trading hours on Monday as Internet Computer validated 3 billion blocks.

Internet Computer reaches 3 Billion Blocks.
Internet Computer reaches 3 Billion Blocks. Source: X

This achievement came nearly three years since the launch of the protocol in May 2021, processing over 44.87 blocks per second as of date.

Read More: Internet Computer (ICP) Price Prediction 2023/2025/2030

In addition to this achievement, the altcoin is seeing considerable support from its investors who, despite the rally, are still optimistic about further increases in price. This is evinced by the weighted sentiment of ICP holders, who are exhibiting bullishness at the time of writing.

Internet Computer Weighted Sentiment.
ICP Weighted Sentiment. Source: Santiment

ICP Price Prediction: What Comes After the 54% Rally?

The Internet Computer price rose by 54.45% in the last few days, touching $17 and shooting up from $10.91. The altcoin lived up to the prediction made by BeInCrypto, where a rally to $15 was expected before the end of the month.

Going forward, despite the massive rally, ICP will potentially stretch its uptrend a little further to tag the resistance at $18. Crossing this barrier will push the altcoin to note a 30-month high.

ICP/USDT 12-hour chart.
ICP/USDT 12-hour chart. Source: TradingView

However, the ICP price will face resistance in closing above the $17 resistance bar. The cryptocurrency has failed to do so in the past once, and another instance will likely result in some corrections.

Read More: Internet Computer (ICP) Coin Explainer for Beginners

ICP might thus witness a drawdown to $15.34 while the market cools down, potentially invalidating the bullish thesis.

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Conclusion

In conclusion, the Internet Computer (ICP) price has experienced a significant rally, breaking through key milestones and reaching new highs in recent days. Despite this growth, the sentiment among investors remains bullish, indicating optimism for further price increases. However, the price may face resistance at the $17 level, and failure to break through this barrier could lead to a correction. In the short term, ICP could experience a drawdown to around $15.34 as the market cools down. Overall, the future of ICP price remains uncertain, but current trends suggest a potential for further gains if bullish sentiment persists.

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