After facing significant losses since April, Internet Computer (ICP) has been in the spotlight, often mocked by Bitcoin and Ethereum enthusiasts as a "useless token." Critics claimed it was a waste of energy with no real value. However, recent developments suggest that this narrative might be changing.
ICP Burn Rate Doubles, Price Surge Follows
This week, ICP's burn rate nearly doubled, sparking a notable price surge. Despite the increase in tokens burned, there has been little change in power consumption, indicating a more efficient use of resources.
As of writing this article ICP was trading at $8.19 with 3%fdp in last 24 Hours as per coinpedia markets data
Bullish Momentum: ICP Breaks Out of Bearish Pattern
ICP recently broke out of a bearish descending triangle pattern and is now forming a bullish flag on the chart. This technical shift suggests that ICP might be headed for a significant breakout.
On-Chain Metrics Signal Bullish Outlook
Trading around $8.67, ICP's recent surge isn't just luck. On-chain metrics indicate a bullish trend that could see ICP outperforming other top altcoins. For instance, futures open interest for ICP climbed from $35.87 million to $47.21 million in just two days, signaling fresh capital inflows and increased buying pressure.
Additionally, trading volume skyrocketed by 73% over a few days, reaching $2.38 million, further hinting at growing investor interest. The price is now in a critical zone—if it breaks past this level, a strong bullish run could follow.
Internet Computer (ICP) is showing signs of a potential breakout. With key metrics pointing to increased investor confidence and a strong technical setup, ICP might be poised to defy its critics and deliver substantial gains. Keep an eye on this token as it navigates the market's next moves.
https://coinpedia.org/price-prediction/internet-computer-icp-price-predictio/