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ICP Gains 4.5% on Wednesday, But Price Predictions Remain Low

• ICP is performing well in the cryptocurrency space on Wednesday, having gained 4.5% on the day and 19% since last Monday’s lows.
• ICP is still about 13% below earlier monthly highs in the $4.60 area, with ICP still on course to end the year around 84% lower.
• Price predictions are still not particularly bullish due to ICP’s losses on the month and year.

The Internet Computer (ICP) native token has been making impressive gains in the cryptocurrency space on Wednesday. According to TradingView citing Coinbase data, ICP/USD was last changing hands close to the $4.0 level, having gained about 4.5% on the day.

The cryptocurrency has been performing strongly since last Monday’s lows in the $3.30s, with the gains amounting to around 19%. However, ICP is still about 13% below its earlier monthly highs in the $4.60 area, and is on course to end the year around 84% lower.

The latest rally has seen ICP move back to the north of both its 21 and 50-Day Moving Averages for the first time since early December. It is not known what is driving the cryptocurrency’s performance, and many traders have taken time off for Christmas and year-end closing, meaning that trading volumes have been relatively low.

Unfortunately, ICP’s losses on the month and year make it difficult to predict a particularly bullish outlook. It remains to be seen whether the cryptocurrency can continue its upward trajectory, or whether it will falter once traders return to their desks in the New Year.