The native token of the Web Laptop blockchain, ICP, has been continuously rising over the previous month. Knowledge exhibits that ICP’s complete open curiosity (OI) simply reached its six-month-high.
ICP is up by 18% prior to now 24 hours and is buying and selling at $15.75 on the time of writing. The asset’s market cap is at present standing at $7.13 billion, flipping the second-largest meme coin, Shiba Inu (SHIB). ICP is at present the Sixteenth-largest cryptocurrency by market capitalization.
Knowledge exhibits that the Web Laptop’s each day buying and selling quantity registered a 95% rally, reaching $580 million. Round 36.6% of ICP’s complete buying and selling quantity, roughly $205 million, comes from the biggest crypto alternate Binance.
In line with knowledge offered by the market intelligence platform Santiment, the entire OI in ICP futures contracts is at present hovering round $99.2 million. The final time ICP’s OI reached this degree was in early-July 2023.
Furthermore, knowledge from Santiment exhibits that the quantity of lengthy positions is at present dominating ICP’s complete OI at this worth level. Per Santiment, the Binance funding charge for the asset is hovering round 0.07% on the time of writing.
Whereas many buyers are nonetheless aiming at quick positions, the precise quantities of the contracts, quick and lengthy, are nonetheless not clear till additional worth actions.
Regardless of the sturdy worth hike, ICP is prone to face a downward momentum. In line with Santiment knowledge, the Relative Energy Index (RSI) for ICP rose from 66 on Dec. 30 to 76.7 as of Jan. 3.
For ICP to stay bullish, the asset’s RSI would wish to remain under the 65 mark.