YEREVAN (CoinChapter.com) — Internet Computer is rallying. Over the past week, ICP price, the native token of the chain, has surged 60% to reach $16 from under $10 on Dec. 30. Its monthly rally, meanwhile, amounts to a whopping 200%. In the first week of last month, ICP exchanged hands at just around $5. This steady price spike comes amid installed confidence in the token among investors.
The recent rally in Internet Computer can be attributed to several factors. Here are three of them.
1. ICP Price Breakout from resistance
Over the past weeks, the price of Internet Computer has experienced a breakout from a long-term resistance trend line.
Since the ICP price has been on a constant downward trajectory from April to May 2021, this breakout marked a significant development.
This strong price performance has proven to be a key driver in attracting investors.
2. Bullish Market Indicators Fuel ICP price rally
The Relative Strength Index (RSI), an important indicator traders use to decide on an investment, has shown bullish signs for Internet computers.
Usually, an RSI reading above 50, combined with an upward trend, is a bullish sign in the market. This has likely contributed to the positive sentiment around ICP, encouraging more traders to participate.
The surge in the price has also made the ICP among the top 3 trending crypto tokens on CoinMarket cap. Besides these, crypto analysts have an overall positive outlook regarding ICP’s future price trend.
One analyst called Internet Computer the “unsung hero in the crypto space,” which, unlike Bitcoin (BTC) and Ethereum (ETH), “is just beginning its journey.”
3. New Partnerships
While the recent ICP price rally comes from the indicators on the charts, other developments may have contributed to it.
Recently, the developers announced a partnership between Internet Computer, Gaudi Knowledge, and Moon Labs. In particular, the said partnership was forged at the ‘Gaudi World Congress Seoul 2023″ with the South Korean branch of the Internet Computer team (ICPHub.Korea).
“Through this business agreement, The Moon Labs and Internet Computer Korea Hub decided to pursue NFT-related collaboration such as development and implementation of Web3-related education programs, technology partnership, launch of ICP NFT , and NFT marketplace,”
the announcement reads.
With the overall crypto market showing signs of recovery, Internet Computer investors hope to reap profits in the future bull run. With its current all-time high standing at $750, the ICP price still has the potential to offer massive returns.
