Internet Computer Crypto Having Breakout: ICP Crypto Analysis

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The Internet Computer (ICP Crypto) blockchain, developed by the Dfinity Foundation, is a Web3 platform aiming to redefine internet services through full decentralization.

Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target.

This article provides a comprehensive analysis of ICP, covering its latest price, market dynamics, and recent developments.

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ICP Crypto Price Analysis

  • Current Price: $11.59.
  • Market Cap: Approximately $5.1 billion.
  • 24-Hour Trading Volume: $170 million.
  • Circulating Supply: 440 million ICP tokens.
  • Total Supply: Around 500 million ICP.
ICP Crypto Price Analysis
Img src- Altfins

Price bounced off of $6.80 support and has now broken above $9.00 resistance and 200-day moving average (also resistance), which signals resumption of uptrend, with +20% upside potential to $11.00 next. Stop Loss at $7.68.


Weekly Price Analysis

  • High: $11.59 (November 24, 2024).
  • Low: $8.87 (November 21, 2024).
  • Largest 24-Hour Movement: A 21.6% surge on November 23, 2024. The token gained 41% over the last month.
  • Trend:ย Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Neutral.
  • Momentum:ย Price is Overbought currently.
  • Support and Resistance:ย Nearest Support Zone is $6.80, then $6.00.ย Nearest Resistance Zone is $12.00.

Key Indicator Values

  • Relative Strength Index (RSI): Indicating a neutral trend.
  • Moving Averages: Suggesting a bullish crossover.

News Roundup

  1. Web3 Evolution: Dfinity has emphasized ICPโ€™s potential as a โ€œWorld Computer,โ€ enabling fully decentralized services such as SocialFi, GameFi, and metaverse applications.
  2. Technical Updates: The recent integration of Schnorr cryptographic technology boosts ICPโ€™s compatibility with Bitcoin-based DeFi systems.
  3. Community Engagement: ICPโ€™s ecosystem saw users pledge $80 million to further decentralize its project ecosystem.

For on-demand analysis of any cryptocurrency, join ourย Telegram channel.

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Harsh Panghal
Harsh Panghal

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