Internet Computer Price Rallies Over 30% as Bullish Momentum Builds – Bulls Target $6

Highlights:

• The Internet Computer price has rallied over 30% to $5.25, as the volume holds strong.
• The on-chain activity is rising, showing strengthening bullish sentiment. 
• The technical outlook shows intense buying pressure, cautioning traders as overbought conditions emerge.

The Internet Computer price has spiked 34% to $5.25, despite the wobbling crypto market. The uptrend is being driven by rising on-chain activity, increasing network adoption, and market sentiment is improving. Notably, the daily trading volume is up 66% to $778 million, indicating heightened market activity. With the rising bullish momentum, can the bulls reach $6 in the next 24 hours?

Santiment data demonstrate the network growth index of Internet Computer, one of the most important metrics used to monitor the rate of user adoption and project activity. It has increased to 1,910 on Sunday, the highest since the end of July. Even though it has been able to stabilize at 1,043, the high numbers still point to a generally optimistic future for ICP.

On the derivatives front, CoinGlass data indicates that the OI of the futures in exchanges of ICP was at its highest point of $147.98 million on Tuesday since mid-September. The growing OI symbolizes the added money into the market and the fresh purchasing. Notably, this may be the driver of the existing ICP price surge.

Internet Price Spikes Out in a Parabolic Curve

The ICP/USD daily chart shows the altcoin trading at a solid $5.25 after a recent spike, breaking out in a parabolic curve, after a period of consolidation. This breakout is no fluke. Volume is surging, with a 66% increase signaling that traders are all in. The 50 Simple Moving Average (SMA) at $3.39 and the 200-day SMA at $3.58 are acting as solid support. If this momentum continues, Internet Computer price could soon moon toward that $6.00 level.

Looking at the indicators, the Relative Strength Index (RSI) at 80.99 is firmly in overbought territory. Traders will want to watch for a potential pullback to allow the bulls to weep through liquidity. Still, the upward tick shows strong buying pressure, signaling traders aren’t sleeping on the crypto.

The Moving Average Convergence Divergence (MACD) is now soaring above the signal line (orange), supported by a rising histogram. This combination suggests the ICP price is poised to surge higher.

Looking at the bigger picture, the Internet Computer’s recent 34% spike shows a strong bullish momentum. The high of $5.47 is the next psychological barrier. If broken, the Internet Computer price could ignite a FOMO frenzy. However, if bears claw back, support at $4.74 might catch the fall. An overextended correction could see the Internet Computer price brace for a lower support zone around $4.02-$3.58 safety net.

Over the next 24-48 hours, ICP could climb towards the $5.47 high. If volume holds, the stretch goal is $6.00. Long-term, if this breakout rally holds, there might be more gains by mid-November. However, traders will want to watch the RSI, as overheating could signal a potential breather.