ICP price held steady today, Nov. 18, even as the crypto market sell-off gained steam. Internet Computer’s token jumped by 15% to $5.5, even as the broader crypto industry slumped. This article explores the top reasons why the ICP token is holding steady.
ICP price is rising due to its growing ecosystem, with data from DeFi Llama showing that total value locked (TVL) in its decentralized finance ecosystem jumped 57% over the last 30 days to $41 million. This growth was driven by WaterNeuron, whose assets jumped by 90% in the last 30 days to $20.9 million.
The other fast-growing parts of the ICP Swap ecosystem are ICPSwap, Service Nervous Systems, KongSwap, and Sonic ICP.
Additionally, the number of stablecoins on the ICP network is growing despite ongoing challenges. There are now about $4.93 million stablecoins in the network, up from $4.54 million on November 5 this year.
READ MORE: XRP Price Prediction Amid Positive RLUSD, ETF News: Buy or Sell?
ICP has also done well since developers launched Caffeine to the public, solidifying its position as a major player in the booming artificial intelligence (AI) industry.
Caffeine is a platform that enables anyone to create websites or applications without coding. Instead, one just needs to describe what they need, and the platform will come up with the product within minutes.
Meanwhile, data compiled by CoinGlass shows that futures open interest has continued to bounce back over the past few days, rising from a low of $160 million on Monday to nearly $200 million today.
ICP Price Technical Analysis
The daily chart shows that the ICP price peaked at $9.8 earlier this month as AI tokens jumped. It then pulled back to a low of $4.70 last week, moving below the crucial support level at $6.
The Relative Strength Index (RSI) has continued falling and is now at 50. Also, the Stochastic Oscillator has moved below the oversold level.
The ICP token also rebounded after settling above the 100-day Exponential Moving Average (EMA).
Therefore, the token is likely to see a strong bullish breakout if it moves above the key resistance level at $6. A move above that level will point to more gains, potentially to $8, followed by this month’s high of $9.8. A drop below the 100-day moving average at $4.7 will invalidate the bullish outlook.
READ MORE: Will Crypto Recover as Fear and Greed Index Nears Buy Zone?
