Internet Computer (ICP): Is This Crypto's Last Laugh or Just Another Pump and Dump?
So, ICP is up almost 40%? Seriously? In a market that's apparently "facing heightened volatility" and watching Bitcoin and Ethereum take a nosedive? Give me a break. What's really going on here? CoinDesk 20 Performance Update: Internet Computer (ICP) Leaps 38.9% as Index Declines
The "Power of 3" Bullshit
Oh, they're trotting out the "Power of 3" pattern now? Accumulation, Manipulation, Expansion. It's like crypto astrology for bros who peaked in freshman year econ.
"Accumulation" from March to September? Yeah, maybe some whales were quietly loading up. Or maybe it was just random noise. Who the hell knows? The market's manipulated by bots and insiders anyway.
Then comes the "Manipulation" phase, a dip in October to shake out the "weak hands." Translation: a bunch of leveraged traders got rekt. Happens every Tuesday. And now, the "Expansion" phase is supposedly in play. Right. Color me skeptical.
If ICP breaks above $6.10, we're off to the races, they say. $9.41 is the next stop! An 88% upside! It's all sunshine and rainbows, folks! But what if it doesn't break $6.10? What if it craps out and goes back into "consolidation"? Suddenly, nobody wants to talk about their genius TA anymore.
Trading Volume: A 1.5-Year High? So What?
Okay, the trading volume on ICP hit a 1.5-year high. Big deal. It means people are gambling. Doesn't mean the project is suddenly worth a damn. Remember all those meme coins that pumped and dumped last cycle? Same energy.
Artemis says daily token trading volume reached $672 million on Tuesday. $672 million chasing... what, exactly? A decentralized internet that nobody uses? A bunch of vaporware promises from Dfinity?
And the network growth index is "surging." Cool. More users creating empty accounts to chase airdrops. That's real adoption, right there. They expect us to believe this nonsense, and honestly... I'm tired.
Oh, and open interest in ICP futures is up. More leverage. More potential for a massive liquidation cascade the moment the price sneezes. This is a recipe for disaster.
The $6 Question (Literally)
The bulls are eyeing $6, huh? Real original. If ICP continues its upward trend, it "could" extend the rally toward $6.83. "Could." That's the magic word in crypto analysis. It could also crash to zero. Will ICP extend its rally above $6?
The Relative Strength Index (RSI) is at 70, pointing toward overbought territory. Translation: it's due for a correction. And the MACD showed a bullish crossover last week. Great. MACD crossovers are about as reliable as a weather forecast from a magic 8-ball.
On the other hand, if ICP faces a correction, it could find support around its 50-day Exponential Moving Average (EMA) at $3.85. So, either it goes up, or it goes down. Thanks for the groundbreaking analysis, guys.
I swear, reading these crypto "reports" is like watching a toddler try to assemble an IKEA bookshelf. There's a lot of enthusiasm, but the end result is usually a disaster.
Is this the start of something real? Or is it just another fleeting moment in the sun for a project that's been largely irrelevant for years? I honestly don't know anymore. Maybe I'm just getting old. Maybe I'm too cynical. But forgive me if I don't jump on the ICP bandwagon just yet. I've seen this movie before, and it usually ends with me holding the bag.