Internet Computer up 12% after massive short liquidations - Is $4 next for ICP?
Internet Computer [ICP] is up more than 12% in the past 24 hours, coming in third among CoinMarketCaps top 100 cryptos by gains. The decentralized AI compute play mainly drove the altcoin. Additionally, technical breakout, network activity, and a short squeeze have had a hand in the days rally. ICP bulls return, eyeing $4—is it possible? The daily price action chart has surged above the range consolidation that had kept ICP between $2 and $2.80 since February. Following a breakout in the first week of May, Internet Computer rallied above $4 but has been in a correction for the past two weeks. The correction appears to have ended at around $2.50, where it consolidated for around 10 days. Consequently, ICP broke above this range again. The MACD bars have shown seller exhaustion, with the signal and MACD line crossover suggesting bulls return. The Average Directional Index (ADX) is at 19 and stabilizing, confirming this bullish outlook. Source: ICP/USDT on TradingView As bulls reclaim the $3 mark, more capital inflows would push it toward $4. This was more likely if the altcoin stayed above the three-month consolidation market. Otherwise, the sideways consolidation may persist. A spike in short liquidations Another factor that drove the prices of Internet Computer was the