ICP Price Forms Morning Star Pattern, Daily Active Address At ATH

• Daily Active Addresses on ICP Blockchain have touched an all-time high (ATH).
• ICP price has dropped by 24% in the past 12 days.
• ICP price has formed a bullish candlestick on the support level.

Internet Computer (ICP) price has been in a bearish trend and falling through two descending trendlines.

Every time, the ICP price has formed new lows which showcases the sellers’ domination. The price has formed a bullish candlestick pattern in the previous support zone of $8.35.

The ICP blockchain’s daily active addresses experienced a surge that recently resulted in an ATH. ICP user engagement started to rise in early October and has continued to do so, indicating a spike in network adoption and usage.

According to the precise metrics, there were 1.5 million active addresses, which is a noteworthy milestone when compared to the 900,000 active addresses at the beginning of October 2024.

Increased investor interest and market confidence were correlated with more active addresses, which could raise the blockchain’s valuation.

ICP may see steady growth and solidify its place in the market if this encouraging trend in user engagement keeps up.

Conversely, a decline in active addresses might have a detrimental effect on the blockchain’s functionality.

Whale Activity Analysis

Additional investigation revealed that the supply peak for large whales (+100k ICP) was 844,000,000 ICP, while the supply peak for smaller whales (10k-100k ICP) was 406,300,000 ICP.

Smaller whales had dropped to 399,000,000 ICP by January 2025, while large whales had slightly decreased to 824,725,487 ICP.

This suggested confidence in ICP’s long-term value as it showed that large whales kept their holdings more stable. to their greater volatility, smaller whales may react more quickly to changes in the market.

This discrepancy may indicate that while smaller whales may be more speculative and influence short-term price swings, larger whales may be positioning for future gains and stabilizing ICP’s market.

Additionally, ICP experienced a spike in daily transfers, hitting a record high of 96,000. This growth showed that the blockchain’s profitability increased by 15% over the previous year, while the number of users increased by 20%.

ICP Price Has Shaped a Falling Wedge Pattern

Internet Computer crypto was trading at $8.89 at press time which has climbed by 3.6% over the past 24 hours. The market capitalization was $4.26 Billion and the 24-hour trading volume was $108.23 Million

According to the technical chart, the price has formed a falling wedge pattern on a daily time frame. Amid recent fall, the price has formed a morning star pattern in the support territory of $8.5.

If the price departs from this territory, it would tempt buyers. Once the ICP coin price triggers a breakout from the falling wedge pattern, buyers may lead the further trend. If the price enters the $12 mark, buyers may eye for the last swing high of $15.

Conversely, if the price declines below the support zone of $8.50, sellers might be confident. Once the ICP crypto price loses the major support zone of $7, it might be difficult for buyers to bounce back.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.