The Rise of ICP: Total Open Interest Reaches Six-Month High
The native token of the Internet Computer blockchain, ICP, has been experiencing a steady increase in value over the past month. Recent data reveals that ICP’s total open interest (OI) has now reached its highest point in six months.
ICP Surges 18% and Flips Shiba Inu
In the last 24 hours alone, ICP has seen an 18% surge in price and is currently trading at $15.75. With a market cap of $7.13 billion, it has surpassed Shiba Inu (SHIB) to become the second-largest meme coin. Currently ranked as the 16th-largest cryptocurrency by market capitalization, ICP continues to gain momentum.
Increased Trading Volume and Binance Dominance
Recent data indicates that the Internet Computer’s daily trading volume has experienced a significant increase of 95%, reaching $580 million. Out of this volume, approximately $205 million comes from Binance, the largest crypto exchange.
Total OI and Long Positions
Market intelligence platform Santiment reports that the total open interest in ICP futures contracts currently stands at around $99.2 million. This level was last seen in early-July 2023. Additionally, long positions dominate ICP’s total open interest at its current price point.
Downward Momentum and RSI
Despite the recent price surge, there are indications that ICP may face a downward momentum. Santiment data reveals that the Relative Strength Index (RSI) for ICP has risen from 66 on December 30 to 76.7 as of January 3. To maintain a bullish trend, the asset’s RSI would need to remain below the 65 mark.
Hot Take: ICP’s Growth Poses Challenges
While ICP has experienced significant growth recently, there are potential challenges ahead. Maintaining a bullish trend will depend on the asset’s ability to keep its RSI below 65. Investors should monitor further price movements and consider both short and long positions as the market evolves.
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