Internet Computer (ICP) is currently priced at $3.70, reflecting a significant 8.07% increase over the last 24 hours. The daily trading range has been tight, with a low of $3.32 and a high of $3.69, indicating a bullish short-term sentiment.

The trading volume stands at approximately 97.3 million, contributing to a volume-to-market cap ratio of 4.87%, which suggests moderate trading activity relative to its market capitalization. The short-term moving averages are trending positively, with the 8 SMA at $3.44 showing a gain of 7.54%, indicating that momentum is building.

The 1-hour RSI is at 81, indicating that ICP is overbought in the short term, which may lead to a price correction. However, the 7-day RSI at 49 suggests that the asset is neutral on a longer timeframe, while the 14-day and 30-day price changes show significant declines of approximately 14.23% and 52.00%, respectively, highlighting a bearish trend over the longer term.

In terms of technical indicators, the recent upward movement could face resistance if the price approaches historical highs, particularly given the all-time high of $700.65 from May 2021. The current price level remains significantly below this peak, and continued volatility is likely as traders assess market sentiment.

Considering the combination of overbought conditions in the short term and the underlying bearish trend over the past month, it would be prudent to adopt a cautious approach. Therefore, the recommendation for ICP is to Hold at this time, awaiting a clearer signal for either a breakout or a correction before taking further action.