Internet Computer Shocks the Market: 10% Surge, Short Squeeze & Guesswork Abound!

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In a spectacle that might make even the most jaded crypto enthusiasts choke on their coffee, Internet Computer (ICP) has decided to flex its muscles with a dazzling 10% leap to $3.96. That’s right-this Layer-1 token, typically modest in its weekly gains, burst forth with double digits, as if it had just discovered the fountain of eternal profit. The latest move wasn’t exactly a miracle; no, it was more a confluence of short liquidations, a well-timed bounce off Fibonacci support that makes traders sound smarter than they are, and a healthy volume that suggests someone, somewhere, is actually paying attention. ✨

Market cap took a tasteful 9.95% stroll upward to $2.13 billion, while trading volumes spiked to an eye-catching $449.92 million in just 24 hours. It’s almost like ICP remembered how to behave-at least temporarily. Interestingly, this rebound happened alongside a bullish divergence on the lower timeframes, even as the broader weekly chart remains as gloomy as a Monday morning post-party. Bulls have seized what seems like control, but how long can they keep the party going? And what does open interest tell us about the next rollercoaster? Well, join me in this delightful deep dive into the chaos.

Internet Computer Futures Open Interest

Data from CoinGlass reveals ICP futures open interest played a game of rapid musical chairs, flickering wildly as the price danced from support at $3.33. This exposed a bunch of shorts-probably feeling very clever-who got caught with their pants down when the rally kicked off. The price soared past $3.55, triggering liquidations that turned into a feedback loop of buying, boosting open interest like a helium balloon at a clown convention. 🎈

This frantic exchange underscores just how fickle sentiment is-breach a key level and suddenly everyone’s an expert, or at least pretending to be one. Rapid swings in open interest paired with price spikes make ICP a magnet for short-term thrill-seekers who prefer volatility to stability.

ICP Price Analysis

The rally appears almost too neat-mainly a technical rescue mission. The price rebounded off the Fibonacci support at $3.33, a retracement level that looks like a guardian angel from 2025’s swing high to low. A bullish divergence on the lower charts combined with RSI hitting an overbought 80.87 made traders at least glance up from their screens. Meanwhile, 4-hour candles breezed through resistance zones with volume to spare, as if scripting a Hollywood comeback.

The rally was reinforced by a swarm of short liquidations near $3.55, forcing traders to buy back into the frenzy. Despite some macro doubts and the weekly chart still trailing in the mud, ICP managed to leap above the $4 mark. The immediate resistance to watch is $4.05-the 23.6% Fibonacci level, now acting like the velvet rope at an exclusive club. Bulls need to keep their momentum above $3.78 and perhaps aim for a sustained breach of $4.05 if they fancy reversing the trend. Otherwise, a revisit to $3.33 support looms like an unwelcome sequel.

FAQs

Why the sudden ICP frenzy? Well, largely thanks to a batch of shorts being wiped out, a technical bounce off Fibonacci levels that traders pretend to understand, and volume loud enough to wake the dead. Basically, chaos neatly packaged as opportunity.

What does the spike in open interest suggest? It points to traders piling into leverage, often with a sense of bravado until they’re caught out-fueling the rally with popcorn-worthy liquidations.

Next resistance and support levels? Resistance sits at $4.05, with support at $3.78 and $3.33. Break through $4.05, and you might see targets around $4.50 or possibly beyond-if everyone stops panicking long enough to enjoy the ride.

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2025-11-03 10:21