Altcoin
ICP Up 12.40% In 7 Days A Bullish Sentiment Is Hovering Around Internet Computer (ICP) and Mpeppe
Among the top-performing crypto assets over the past week is Internet Computer (ICP), which has shown impressive gains of 12.40%. Alongside ICP’s rise, Mpeppe (MPEPE) has also caught the attention of savvy investors, with speculation about its potential for massive gains.
This article will dive into the current price action of ICP, explore key levels to watch, and assess why both Internet Computer and Mpeppe are on the radar of market watchers.
Internet Computer (ICP): Price Analysis and Predictions
The price of Internet Computer (ICP) has been on a notable uptrend in the past few days, peaking at $9.1 before facing rejection. After touching that weekly high, the token pulled back to $8.5 at the time of writing. Despite this slight decline, the overall sentiment remains bullish as Internet Computer (ICP) managed to record a 14% weekly gain.
However, recent price action suggests that Internet Computer (ICP) is in a neutral-bearish trend, meaning that while the price has been rising, it has yet to break key resistance levels. The token must break above $9 and challenge $10 before a more substantial rally can occur. If Internet Computer (ICP) surpasses $11—the high it hit in July—it could confirm a stronger bullish move.
As Internet Computer (ICP) navigates through these levels, the $6.8 and $5.81 levels are acting as solid support on the daily chart. If the price falls below these points, we may see a drop to $4 before a potential rebound. While the volatility remains relatively low for Internet Computer (ICP), any significant price movement could trigger a more volatile breakout.
The Bullish Sentiment: Key Resistance and Support Levels for ICP
For Internet Computer (ICP) to continue its current uptrend, the next significant challenge is the $8.96 resistance level. A successful break could propel the token toward $10 or even $11, the resistance it encountered in July. But if the market fails to sustain the bullish momentum, the price may continue to hover around the $7 mark, trading sideways for the next few days until the market chooses a clear direction.
Key resistance levels for ICP:
Key support levels:
Given the current technical indicators, a breakout to $10 or higher could drive further buying interest in ICP, making it one of the top-performing assets of 2024. Investors should keep a close eye on these key levels to make informed trading decisions.
Mpeppe (MPEPE): Gaining Traction Among Investors
While Internet Computer (ICP) continues to dominate headlines with its recent price surge, Mpeppe (MPEPE) is emerging as a potential high-growth investment. With the token currently priced at $0.0021, Mpeppe (MPEPE) has completed over 80% of Stage 4 in its presale, attracting the attention of both retail and institutional investors.
What makes Mpeppe (MPEPE) particularly intriguing is its unique approach to decentralized finance and meme coin culture. Similar to the rise of Dogecoin and Shiba Inu, Mpeppe (MPEPE) has the potential to capitalize on market trends, offering significant upside for early adopters.
Recent whale activity, including purchases from investors who have previously profited from ICP, signals that major players in the market are beginning to see Mpeppe (MPEPE) as a viable option for massive returns. Experts predict that Mpeppe (MPEPE) could deliver 150x returns after its presale concludes and it begins trading on major exchanges.
Why Now Is the Time to Consider ICP and Mpeppe
With both Internet Computer (ICP) and Mpeppe (MPEPE) showing strong potential, now could be the ideal time for investors to consider adding these tokens to their portfolios. Here are three reasons why:
- Bullish Sentiment Around ICP: Despite facing some resistance, Internet Computer is in a strong position to break out of its current range. If it can push past $9 and hold support at key levels, the token could experience a major rally in the coming weeks.
- Mpeppe’s Explosive Growth Potential: Mpeppe (MPEPE) is still in its presale phase, offering investors the chance to get in at a ground-floor price. With the token nearing its exchange launch, experts believe it could deliver massive gains, making it a high-reward investment.
- Whale Activity in Both Tokens: Major crypto investors are actively accumulating both ICP and Mpeppe (MPEPE), signaling confidence in the long-term potential of these assets. Whale purchases often precede significant price movements, making now a strategic time to invest.
Conclusion
As the crypto market continues to evolve, Internet Computer (ICP) and Mpeppe (MPEPE) are emerging as top contenders for 2024’s best-performing assets. While ICP has already proven its resilience by staying above key support levels, Mpeppe (MPEPE) offers investors the chance for explosive returns as it approaches its exchange listing. For those looking to diversify their portfolios with a mix of stability and high-growth potential, both ICP and Mpeppe are worth serious consideration.
For more information on the Mpeppe (MPEPE) Presale:
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Crypto analyst CasiTrades has provided a roadmap for the XRP price, revealing what could happen before the altcoin reaches a new all-time high (ATH). Based on her analysis, XRP could still witness a price decline before it potentially rallies past its current ATH of $3.4.
XRP Price Could Drop To $1.9 Before Rally To New Highs
In an X post, CasiTrades stated that in the event of a deeper flush, the XRP price could wick down to $1.90, suggesting that the altcoin could visit this low before it rallies to new highs. She believes XRP will ideally hold above this $1.90 and avoid dropping to new lows.
The crypto expert noted that the next move is critical. She claimed that if XRP gets that flush with bullish RSI divergence, it could mark the bottom before the altcoin rockets into Wave 3. However, CasiTrades warned that a break below $1.90 could force a reset of the entire new trend count.
Meanwhile, there is still the possibility that the XRP price might not drop to as low as $1.90. CasiTrades stated that $1.95 is the prime target, with subwaves heavily aligning there and a drop to $1.90 only likely to occur in the event of a deeper flush.
It is worth mentioning that US President Donald Trump recently announced reciprocal tariffs on all countries, a move which is set to ignite a global trade war and is bearish for XRP and the broader crypto market. As such, this development could be what sparks the deeper flush and send the altcoin to as low as $1.90.
A Drop To $1.4 Is Also The Cards
In an X post, crypto analyst Brandon asserted that the XRP price is about to have a massive breakout, to the downside. His accompanying chart showed that XRP could drop to as low as $1.4.
On the other hand, crypto analysts such as Ali Martinez have provided a bullish outlook for the XRP price. In an X post, he stated that XRP could be setting up for a rebound. The analyst further remarked that the altcoin is holding above $2 while the TD Sequential flashes a buy signal.
Crypto analyst Javon Marks also recently predicted that Ripple’s coin could surge 44x and reach as high as $99. He alluded to the 2017 bull run as the reason why he is confident that the altcoin could record such a parabolic rally.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Shiba Inu price is on a strong bearish trend, with price indicators recording losses in all time frames. The highly popular meme token now threatens to add an additional zero to its value if the current bear run continues for much longer. Even with Shibarium, SHIB’s layer-2, reaching the milestone of 1 billion transactions recently, the token’s price has not responded positively to this milestone.
Falling Shiba Inu Price Affects Holder Profitability
According to current data, SHIB is down 4.6% in the past 24 hours, 14.7% over seven days and a substantial 54.9% over the past year.
The current context for the SHIB price appears tough for the majority of investors. Based on on-chain analytics, 62% of SHIB investors are at the moment in a loss, while merely 34% are in profit and 4% are breaking even as per IntoTheBlock data.
SHIB has fallen 85.9% from its all-time high of $0.00008616 on October 28, 2021, over three years ago. This extended period of decline has made many of the investors who bought during the bull run in 2021 underwater on their holdings.
The token reflects a high ownership concentration with 74% of SHIB owned by major holders. The concentration may be behind price volatility. This is due to the fact that the moves by the large holders tend to have disproportionate impacts on the market. Major volume trading in the last week has hit $184.02 million which indicates sustained activity even as the price goes down.
Shibarium Milestone Fails To Reverse Trend
Despite Shiba Inu’s layer-2 scaling solution, Shibarium recently achieved a major milestone of 1 billion transactions. However, this accomplishment has not translated into positive price action for SHIB. This disconnect between ecosystem development and token price shows the current market’s focus on overall trends rather than project-specific achievements.
Shibarium is a key component of the Shiba Inu ecosystem that focuses on reducing transaction fees, increasing processing speed, and enabling more advanced applications within the SHIB ecosystem.
The continued negative price action despite reaching such a substantial transaction milestone raises questions about what catalysts might eventually reverse SHIB’s downward trend.
Will Shiba Inu Token Burns Aid In Price Pump?
The Shiba Inu community has historically highlighted token burns as one possible method of driving scarcity and price support. Recent burn behavior has been spotty and inadequate to have any real effect on the enormous Shiba Inu token supply.
After a recent spike in burn rate of more than 12,000%, the last 24 hours have seen the burn rate decline by 60%. During this period, only 37.6 million SHIB tokens were removed from circulation as per Shibburn data.
Token burns continue to be a mainstay narrative among the SHIB community. However, the volume of burning has to rise in order to have an effect on the token’s supply that can be measured. The 17.88% hike in trading volume in the last 24 hours to $311.14 million gives some indications of market action. This potentially could be being driven by the larger holders stockpiling at lower prices.
Vignesh
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Over time, Ethereum, the second-largest crypto asset and largest altcoin, has often spearheaded an Altcoin Season due to its significant performance after the market shifts from a Bitcoin season to an altcoin season in each bull market cycle. In spite of this waning performance of the king of alts, an altcoin season is still likely to occur in the near term.
Is An Altcoin Season On The Horizon?
With the heightened volatility and BTC’s robust market dominance, the possibility of an Altcoin Season happening in this cycle is looking slim. However, an on-chain expert and the CEO of Alphractal Joao Wedson believes that this sustained Bitcoin’s dominance could be laying the groundwork for a huge altseason in the foreseeable future. Historically, altcoin seasons have followed periods of Bitcoin dominance.
Joao Wedson highlighted that Ethereum’s waning performance has strangled other alts in the ongoing market cycle, but an altcoin season “is just a matter of time.” With the alt market struggling to gain dominance and ETH facing headwinds, traders hope for a shift that might spur renewed gains across the altcoin sector.
In the X post, Wedson delved into altcoin market dominance with Ethereum, revealing an interesting trend. According to the expert, altcoin dominance is declining, while altcoin dominance excluding Ethereum and Stablecoins has remained sideways and in a neutral zone since late 2022.
This development implies that Bitcoin has drained most of Ethereum’s market capitalization. Presently, Bitcoin’s dominance has increased to 62%, and BTC and Stablecoin’s dominance has risen to nearly 71%. Meanwhile, Ethereum and all other alts dominate only 29% of the general market.
Bitcoin and Stablecoin‘s market dominance may seem like a threat to the upcoming altcoin season. However, the interesting part is that the higher the BTC and Stablecoin dominance rise, the more robust the next altcoin season will be, which Wedson claims is only a matter of time away.
BTC And Stablecoins Stealing The Spotlight
Daan Crypto Trades, a technical expert and trader, has also shared insights on the subject, highlighting that the altcoin market cap has declined sharply, leading to a drop in altcoins’ dominance. Although it was on track for a while, the steady growth of Bitcoin and Stablecoins has put the alt dominance under serious pressure within the crypto market.
Given the dilution amongst them, individual alts have performed horribly. Thus, for altcoins to regain dominance over Bitcoin, Stablecoins, and other major assets, the ETH/BTC pair needs to gather some momentum first.
Daan Crypto Trades claims Ethereum often plays a massive role in getting a wider altcoin performance. This is because many liquidity pools are denominated in ETH, and most coins are developed on it. Therefore, for altcoins to run, this wealth effect for ETH and majors is essential.
Until this is the case, the analyst urges investors not to get into the market. Even though alt rallies are usually brief, there is frequently a high timeframe retest. Once it is evident that the trend is changing, Daan Crypto Trades believes this is the ideal time to get involved in the action.
Featured image from Unsplash, chart from Tradingview.com
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