ICP Plunges 32% in a Week: Oversold Signal or Further Dip?
Internet Computer (ICP) plunged 32% over the past week, sliding from an early-November high near $9.50 down to under $5. After spiking to a market cap above $5 billion, broader crypto market corrections triggered a sharp sell-off. Internet Computer (ICP)’s RSI dipped below 30—signaling oversold conditions and a buy opportunity. X user WIZZ forecasts a rebound toward $20, while others foresee altcoin rallies powered by a Bitcoin (BTC) surge above $200,000. BTC itself eased 10% this week, trading near $95,000. The steep correction and technical bounce prospects suggest a potential accumulation chance, though long-term upside depends on overall market and Bitcoin momentum.
Bullish
The 32% weekly drop pushed ICP into oversold RSI territory, historically a reliable buy-the-dip signal for altcoins. Analysts predicting rebounds to $20 or higher, combined with potential Bitcoin-driven altcoin rallies, suggest short-term accumulation opportunities. While the broader crypto correction remains, Internet Computer’s technical indicators and past oversold recoveries point to a bullish bounce, though sustained upside will rely on Bitcoin’s momentum and overall market sentiment.