Internet Computer's price has seen a slight 2.44% decrease over the past hour, dropping to $3.47. While minor price fluctuations like this are normal in the cryptocurrency markets, analyzing the key metrics can reveal valuable insights into ICP's potential price movements in the coming weeks and months.

In the past 24 hours, ICP's trading volume was $38.78 million. This represents a fairly low amount of activity compared to Internet Computer's $1.57 billion market capitalization. Low trading volumes could indicate that most holders are taking a long-term view rather than actively trading the token. However, it also suggests that ICP has low liquidity at the moment, making it vulnerable to sharper price swings from relatively small trades.

Looking at the longer-term price performance, ICP has been on a steady downward trajectory for much of 2022. Over the past month, the token has shed 19.23% of its value. And in the past 6 months, ICP has plunged a staggering 40.01%.

This prolonged drawdown indicates that ICP has been struggling to gain upside momentum. The token likely needs a major positive catalyst to reverse the ongoing downtrend. However, the lack of significant price bumps during previous milestone announcements, such as new dapps launching on the Internet Computer blockchain, suggests the market is not easily moved by fundamentals at the moment.

Technical chart analysis reveals that ICP is currently hovering just above a key support zone around $3.40. This level provided strong support during the capitulation selling in June 2022. If ICP falls decisively below $3.40, it would likely trigger a new wave of stop loss selling, potentially accelerating the downtrend.

On the flip side, ICP is facing resistance around $3.60. The token has struggled to overcome this level over the past few weeks. A break above $3.60 could signal a bullish shift in market structure and lead to a test of the next resistance around $4.20.

Will Internet Computer Revisit Its All-Time Highs in 2023?

Given the overwhelmingly bearish price action over the past year, it seems highly unlikely that ICP will revisit its all-time high near $750 in 2023 without a massive and unforeseen positive change in market conditions.

The crypto markets remain in a firmly risk-off environment, with most major cryptocurrencies still stuck in downtrends. For ICP to rocket back toward its former peak, it would likely require a huge influx of capital into both ICP specifically and the broader crypto space.

Sentiment would need to turn decisively bullish among both retail and institutional crypto investors. And there would need to be major advancements in Internet Computer's ecosystem and real-world utility to justify such a meteoric rise in the token's valuation.

Of course, predicting price action in the volatile crypto markets is notoriously difficult. But based on the current technical and fundamental outlook, the chances of ICP returning to all-time highs in the next 6-12 months seem very slim.

2024 or later seems a more realistic timeframe for ICP to potentially revisit its former highs, assuming the project can continue expanding its developer community and building valuable web3 applications during the bear market. But with the macro environment still shaky, patience and measured expectations are warranted.

Can Internet Computer Become a Top 10 Cryptocurrency Again?

At its peak in 2021, ICP was ranked as a top 10 cryptocurrency by market capitalization. However, the token has since fallen substantially in the rankings. This begs the question - does ICP stand a chance of rejoining the top 10 crypto assets once again?

On the positive side, Internet Computer has shown impressive growth in active users and applications built on the network. The unique architecture and speed of ICP continues to attract developers tired of the limitations of older blockchains. If this developer momentum persists, usage and adoption could snowball.

However, when looking at the top 10 cryptocurrencies, it becomes clear just how difficult it will be for ICP to re-enter those ranks. ICP would need to bypass major assets including Solana, Dogecoin, Polygon and Polkadot. This would require billions of dollars of capital inflows into ICP.

Much will depend on how selectively investors pick winners as the markets transition from speculation to utility. If ICP can carve out a niche and provide meaningful value to a specific sector, it may stand a chance of returning to the top 10 over the long-term. But with competition fierce and expectations still running high, ICP likely faces an uphill battle.

Conclusion

Internet Computer's price remains under pressure amid the ongoing crypto bear market. While major gains seem unlikely in the short-term, ICP's long-term growth prospects hinge on expanding developer adoption and network usage. With smart positioning and patient accumulation, ICP could emerge as a winner when the markets eventually turn around. But expectations need to be managed for what promises to be a challenging period ahead. By analyzing key metrics and indicators, investors can make informed decisions about ICP's future potential.