ICP’s Price Rises as It’s Social Dominance Reaches Record Levels

  • The post attributed ICP’s stellar performance to the spike in ICP’s social dominance.
  • At press time, the altcoin is down from its daily low but is still up 2.47% in the last 24 hours.

The blockchain intelligence firm Santiment tweeted this morning that the price of Internet Computer (ICP) climbed back up to $6.50 recently. According to the tweet, the altcoin posted a strong price performance this weekend while most of the crypto market remained somewhat dormant.

In addition to ICP’s strong price performance over the weekend, the altcoin also saw a spike in its social dominance. Santiment’s tweet added that ICP’s social dominance reached its highest level since its 2nd public month. According to the post, this was the main driving force behind ICP’s 8+% increase over the past couple of days.

At press time, ICP’s price has pulled back slightly after achieving the $6.50 milestone. CoinMarketCap shows that ICP’s price is currently trading at around $6.42. Nevertheless, the altcoin’s price still printed a 24-hour gain of 2.47% against the U.S. Dollar.

ICP’s price did not stop climbing once it reached $6.50 given that the crypto’s price established a daily high of $6.79 over the last 24 hours. The recent positive price movement for ICP has resulted in it outperforming the two crypto market leaders as well. At press time, ICP is up 2.58% against Bitcoin (BTC) and 2.16% against Ethereum (ETH).

ICP’s daily chart shows that the altcoin’s price climbed from a low of $5.282 this past Thursday to a high of $6.280 yesterday. ICP’s price was unable to close yesterday’s trading session off above this level, however, causing it to retrace back into within the daily Bollinger Bands.

There is some sell pressure being applied to ICP’s price at press time, which may just be the result of profit taking from traders that were able to capitalize on the move. The 9-day EMA line ricocheting off of the 20-day EMA line this past Thursday suggests that ICP’s price will continue to rise in the next 24-48 hours if it can fend off the slight sell pressure.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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