Extreme fear is taking over the crypto market, but even so, the cryptocurrency ICP, native to the internet's computer network, has been jumping higher in recent days.
At the time of writing this article, the ICP is trading at $ 33.90, accumulating a loss of 6.20% in today's session, but maintaining a gain of 20% in the last 7 days.
It is the only cryptocurrency in the top 100 of the crypto ecosystem, which has been racking up profits in recent days. Its market capitalization is currently $ 6,481 million, which places it 28th in the CoinMarketCap ranking.
Internet Computer (ICP) is the only one with gains in the top 100. Source: CoinMarketCap.
To put us in context, the Internet Computer is a blockchain that runs at the speed of the web, with unlimited scalability.
It is arguably the third major blockchain innovation, alongside Bitcoin and Ethereum, as it is a virtual computer capable of scaling computing, storing smart contract data, executing it at the speed of the web, and providing powerful software frameworks for developers
Its ability to scale makes it one of the most attractive today, due to the rapidly growing market for decentralized applications. In addition, the possibility that this network allows intercommunication between different blockchains, makes it gain even more popularity.
Internet Computer Technical Analysis (ICP)
In the daily chart ICP vs USDT we clearly see how the price of this cryptocurrency has remained bullish in recent days, despite the general negativism throughout the market.
Today the price has been correcting slightly, but the bullish force is still quite dominant.
Continuously higher lows and highs tell us that Internet Computer should go higher in the near term.
If the support at $ 30.23 holds, then it is very possible that this coin will reach $ 43.46 in the next few days.
Medium-term forecast
In the weekly chart of this cryptocurrency we see a very promising scenario, which could generate very good profits during this first half of 2022.
In mid-2021 this cryptocurrency was launched, and almost immediately it entered among the largest. Just a day after its launch, ICP was already the fifth largest coin in the crypto ecosystem.
But this excitement would not last long. After hitting a high of $ 2831.02, it quickly started a big correction and 4 weeks ago a low of $ 20.88 was reached.
Now, the price of Internet Computer seems poised to rebound strongly after such a drop. The bullish volume seen last week seems to indicate that the bottom of the decline has already been reached.
A bullish divergence between the price chart and the RSI also warns of the possibility that a strong rally is yet to occur.
We cannot yet confirm that this will be the case. There is even a fairly high risk that losses will last a little longer. But it seems more likely that this coin has already bottomed out, or is at least very close to doing so.
To confirm that the bulls have regained control, the resistance at $ 53.52 must be broken.
In the event that the support at $ 22.65 is lost, then we could see more selling next.
Weekly chart of Internet Computer ICP token price. Source: TradingView.
All of our publications are informative, so in no case should they be followed as investment advice.
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