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ICP is now trading at over 95% off its all-time lows.
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With its fundamentals, the odds are that it could bounce off current prices.
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The broader market is turning bullish a factor that could boost the price.
Sometimes the best plays in terms of ROI aren’t necessarily the strongest fundamentally. In some cases, what matters is the price is right, then counting on the broader market to create the momentum.
One such play at the moment is Internet Computer (ICP). Internet Computer has been on a downtrend since it launched back in 2021. When it launched, ICP was trading at over $500. Currently, ICP is trading at $15, a pale shadow of its former self. This means it is down by over 95% from its all-time highs.
Logically, it can’t go much lower than this unless it goes to zero, which is highly unlikely. In essence, now that the market is looking up again, the chances are that it can only go up from here. Considering how much value it has lost since launch, it could also be one of those that give investors the highest ROI.
Besides, ICP is not exactly a worthless cryptocurrency. While it started with a lot of momentum as a project that aimed to decentralize the internet, ICP faced allegations that it was heavily centralized, a factor that hit its image hard. However, the project has worked hard to prove that it is decentralized, and as it moves towards meeting its long-term objectives, the price could start to rise again.
ICP Set for a breakout
Source: TradingView
Internet Computer has been trading in a descending triangle for weeks now. However, selling volumes have dropped over the past week, signaling a potential breakout, especially now that the broader market is showing bullish signs again. If there is a breakout, ICP could easily test $50 in the short term.
Summary
Internet Computer was down by over 95% from its all-time highs in 2021. While there are no guarantees that it can retest its all-time highs, the odds are that it could bounce off current prices and be among the cryptos that could give a high ROI.