Internet Computer (ICP) is up 60% in a week and up 15.8% in 24 hours at press time. According to Glassnode, the AI sector stood out from the rest in terms of performance during the said period.
The sector saw a 26% increase in its market capitalization. The second highest weekly growth was recorded by L2 tokens with figures of 13.9%.
In a recent report, AMBCrypto highlighted the importance of the $3 area as a group of short liquidations around a key psychological level. If $3 is breached and transferred to support, the report claims buyers may enter.
Over the past 36 hours of trading, this level has swung towards support. This means that range-related caution may give way to optimism.
ICP Bulls Need to Remember to Take Profits
The old range near the $2 low has been broken, the AI sector is doing remarkably well, and the altcoin is up 60% in a week. However, even if things are going well for the bulls, they should not get carried away by the euphoria.
The long-term trend remains bearish. The daily chart highlighted the bearish swing structure in place in 2026. The current rally is only a relief rally, and it may extend to $4.21, or even as low as $4.82.
Conventional crypto wisdom holds that bear market rallies can brainwash participants into believing that the bull market is here again, before pulling the rug out from under them.
ICP traders will want to be savvy during this phase of the market and take it step by step. The range breakout is complete and key Fib levels are under siege. Holders may look to sell into the golden pocket. A breakout beyond $4.82 is necessary to signal a breakout of the bullish structure.
Final summary
- Combined with Bitcoin’s rise above $80,000, altcoins such as ICP have ideal conditions to thrive.
- Despite its good results recently, altcoin bulls should not forget to take profits.
