Table of Contents
Overview of Internet Computer Protocol (ICP)
- ICP is a blockchain network that was created by DFINITY to revolutionize the way internet applications and smart contracts are developed. It uses special hardware to run in independent data centers.
- The core concept behind ICP is to build a new type of decentralized internet, and global computing infrastructure where decentralized data centers around the world could work together to build an alternative to cloud services (such as those offered by Amazon Web Services (AWS) and Google Cloud (GNC), which currently powers the majority of the internet. The ICP protocol is expected to be deployed on millions of computing devices worldwide.
ICP Price today: Price forecast
- The current price of Internet computers is 2.921685 USD each (ICP/USD) with a current market cap of 1.30 billion USD.
- The 24-hour trading volume was 15.13 million USD. ICP prices in USD are updated in real-time. Internet Computing is down 1.47%.
- Internet Computer (ICP) is a governance coin for decentralized apps, running on a PoS consensus algorithm. It offers scalability and faster transaction processing compared to Ethereum. However, its price dropped 10 times in 2021, raising investor interest.
- Internet Computer Protocol (ICP) will be worth a lot more by 2023 and 2025, and by 2030 it could be worth as much as $5,535. It’s been a tough year for ICP, with a drop of more than 10% every month, but the developers are doing their best to get investors interested and make the platform work.
ICP Price Prediction: Can It Maintain Its Bullish Momentum?
- The nearest support area is $3.00. The nearest resistance area is $3.50 (previous support), then $4.50 and $5.00.
- Consolidating in a Descending Triangle pattern level where the price action has left out the imbalance which we can expect to be filled out as the price action is respecting its Horizontal Demand Zone level.
Moving average of ICP
- On the 1-day moving average, the price of Internet Computer is trending bearish, with the 50-day moving average sloping down to above the current price of Internet Computer, which could serve as a resistance next time it encounters it.
- The 200-day moving average of Internet Computer is sloping lower and has been sloping down, indicating a weak trend.
- If the price interacts with the 200-day average again, it may serve as a resistance, allowing the trend to continue.
- If we were to make a 1-day price forecast for Internet Computer, it would likely be bearish, given the trend of the 50-day and 200-day moving averages
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Relative Strength Index of ICP
- The Relative Strength Index (RSI) is currently in the range of 30-70, suggesting that the price is moving in a neutral direction and that the price is capable of holding RSI in this range for an extended period.
- A bullish breakout of the Falling Wedge pattern could signal that buyers have absorbed all of the sellers’ supply and the price is ready to reverse the trend, with a potential rally to $3.50. The price is currently retesting this breakout level
- There has been no bearish divergence or bullish divergence over the past 14 candles, indicating that there is no sign of price reversal from current levels.
Conclusion
Internet Computer Protocol (ICP) is a blockchain network developed by DFINITY with a vision to revolutionize Internet applications and smart contracts. It aims to create a decentralized internet and global computing infrastructure as an alternative to major cloud services. The current ICP price is USD 2.92, and there are mixed predictions for its future value. Technical analysis suggests a bearish short-term trend, but potential for bullish reversals. Developers are actively working to improve the platform and attract investors.
